Demand for Yelp’s Advertising Products Drove Strong First Quarter 2023 Results

• First quarter Net Revenue increased by 13% year over year to a record $312 million

• Net Loss remained relatively consistent year over year at ($1) million

• Adjusted EBITDA increased by 12% year over year to $54 million

Yelp Inc, the company that connects people with great local businesses, today posted its financial results for the first quarter ended March 31, 2023 in the Q1 2023 Shareholder Letter available on its Investor Relations website.

“Yelp’s strong results mark the sixth straight quarter of record net revenue driven by our product-led strategy”

“Yelp’s strong results mark the sixth straight quarter of record net revenue driven by our product-led strategy,” said Jeremy Stoppelman, Yelp co-founder and chief executive officer. “We continued to generate robust advertiser demand, particularly in home services, which saw revenue growth of approximately 25% year over year. I’m excited about the progress we’ve made on our roadmap for the year, launching more than a dozen new product updates to make it even easier for consumers to discover and connect with great local businesses. We remain focused on executing against our strategic initiatives and are confident in our ability to deliver profitable growth over the long term.”

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“Demand for our broad-based local advertising platform drove a 13% year-over-year increase in first quarter net revenue as we continued to deliver value to advertisers and match them with our high-intent audience,” said David Schwarzbach, Yelp’s chief financial officer. “Services continued its strong performance in the quarter with advertising revenue from businesses in these categories increasing 15% year over year to a record $184 million. Looking ahead, we are raising our full-year net revenue outlook, which we now expect to be in the range of $1.295 billion to $1.315 billion.”

Yelp Inc. is a community-driven platform that connects people with great local businesses. Millions of people rely on Yelp for useful and trusted local business information, reviews and photos to help inform their spending decisions. As a one-stop local platform, Yelp helps consumers easily discover, connect and transact with businesses across a broad range of categories by making it easy to request a quote for a service, book a table at a restaurant, and more. Yelp was founded in San Francisco in 2004.

Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.

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