Yelp has filed an antitrust suit against Google, alleging the tech giant's search engine dominance allows it to engage in unfair business practices against local search competitors.Yelp, which features reviews and information such as menus and operating hours for businesses like restaurants and cleaning services, filed suit against Google in a San Francisco federal court."Abandoning its stated mission to deliver the best information to users, Google has illegally abused its monopoly in general search to dom ...

KEY TAKEAWAYSBusiness review site Yelp sued Alphabet's Google in a San Francisco federal court, claiming the search giant uses its dominance to steer users to its own content.Yelp is seeking an order for Google to stop practices it says are anticompetitive, as well as unspecified monetary damages.The move comes just weeks after a federal judge ruled that Google violated antitrust laws by maintaining an illegal monopoly in search, a ruling the tech giant is appealing.Google said Yelp's claims aren't new and ...

Yelp, the local recommendations company, has filed an antitrust suit against Google, claiming that the company's dominance in search allows it to engage in unfair business practices against local-search competitors.Yelp features reviews and information such as menus and operating hours for businesses such as restaurants and cleaning services. It filed suit against Google in a San Francisco federal court.In a post on its website, Yelp CEO Jeremy Stoppelman said, "Abandoning its stated mission to deliver the ...

Yelp slapped Google with an antitrust lawsuit that accuses the search giant of leveraging an illegal monopoly to promote its own reviews at the expense of rivals – just weeks after a federal judge ruled that the Big Tech company was a “monopolist.”The lawsuit claims Google relies on its dominant hold on general search to “divert traffic away from those rivals and toward Google’s own inferior local search product,” according to the complaint filed in federal court in San Francisco on Wednesday.Yelp, a longti ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and t ...

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Sco ...

Michael Vi The old adage told in children's stories that the "slow and steady" tortoise will win out over the overtiring hare is perhaps an apt analogy for today's stock market, which has seen massive recent outflows from growth stocks, particularly in AI. Amid heightened volatility, investors should be doubling down on value names that are still touting attractive growth drivers, and Yelp Inc. (NYSE:YELP), in my view, is one of those stocks. The company recently reported great Q2 results, a "beat and raise ...

[Part I. Financial Information](index=5&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company presents its unaudited condensed consolidated financial statements for the quarter ended June 30, 2024 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $252,435 | $313,911 | | Total current assets | $583,679 | $624,216 | | **Total assets** | **$964,978** | **$1,014,723** | | Total current liabilities | $158,073 | $175,864 | | **Total liabilities** | **$229,631** | **$265,189** | | **Total stockholders' equity** | **$735,347** | **$749,534** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $357,016 | $337,126 | $689,768 | $649,564 | | Income from operations | $39,747 | $18,742 | $50,964 | $12,155 | | **Net income** | **$38,036** | **$14,729** | **$52,190** | **$13,551** | | Diluted EPS | $0.54 | $0.21 | $0.73 | $0.19 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $112,544 | $122,251 | | Net cash used in investing activities | ($23,046) | ($46,885) | | Net cash used in financing activities | ($150,411) | ($112,905) | | **Change in cash, cash equivalents and restricted cash** | **($61,208)** | **($36,364)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The California Invasion of Privacy Act (CIPA) lawsuit was settled, with the company making a **$15.0 million payment in Q2 2024**[72](index=72&type=chunk)[73](index=73&type=chunk) - In the first six months of 2024, the company repurchased and retired **3,198,097 shares for an aggregate price of $125.9 million**, with **$455.7 million remaining** available for future repurchases[84](index=84&type=chunk)[85](index=85&type=chunk) - For Q2 2024, Services advertising revenue was **$223.0 million**, while Restaurants, Retail & Other was **$118.4 million**[101](index=101&type=chunk)[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q2 2024 financial results, highlighting revenue growth, strategic initiatives, and operational performance [Overview and Key Metrics](index=26&type=section&id=Overview%20and%20Key%20Metrics) - Strategic initiatives in Q2 2024 drove progress in key areas, including **15% YoY revenue growth in Home Services** and **20% YoY revenue growth in the Self-serve channel**[108](index=108&type=chunk)[109](index=109&type=chunk) - Total Paying Advertising Locations decreased **6% YoY to 531,000** in Q2 2024, as a 7% growth in Services locations was offset by a 15% decline in RR&O locations[124](index=124&type=chunk) Key Performance Metrics (YoY % Change) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Ad Clicks | 9% | 0% | | Average CPC | (1)% | 14% | Advertising Revenue by Category (in thousands) | Category | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Services | $222,955 | $200,274 | 11% | | Restaurants, Retail & Other | $118,383 | $121,698 | (3)% | | **Total Advertising Revenue** | **$341,338** | **$321,972** | **6%** | [Results of Operations](index=29&type=section&id=Results%20of%20Operations) - Total net revenue **increased 6% YoY** in Q2 2024, driven by an 11% growth in Services advertising revenue, partially offset by a 3% decline in RR&O advertising revenue[126](index=126&type=chunk) - Sales and marketing expenses **rose 8% YoY** in Q2 2024, primarily due to a $10.3 million increase in marketing spend to acquire Services projects[135](index=135&type=chunk) - General and administrative expenses **decreased 16% YoY** in Q2 2024, mainly because a prior-year $11.0 million loss contingency for the CIPA settlement did not recur[142](index=142&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk) - Income from operations **more than doubled to $39.7 million** in Q2 2024 from $18.7 million in Q2 2023, reflecting revenue growth and lower G&A expenses[126](index=126&type=chunk) [Non-GAAP Financial Measures](index=32&type=section&id=Non-GAAP%20Financial%20Measures) Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net income | $38,036 | $14,729 | | **Adjusted EBITDA** | **$91,115** | **$83,937** | | Net income margin | 11% | 4% | | Adjusted EBITDA margin | 26% | 25% | Free Cash Flow (in thousands) | Metric | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $112,544 | $122,251 | | Purchases of property, equipment and software | (16,574) | (15,153) | | **Free cash flow** | **$95,970** | **$107,098** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2024, principal liquidity sources included **$252.4 million in cash and cash equivalents** and **$132.4 million in marketable securities**[162](index=162&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - Material cash requirements include **$73.2 million for operating leases** and approximately **$189.7 million for purchase obligations**, primarily for website hosting[169](index=169&type=chunk)[170](index=170&type=chunk) - Net cash from operating activities for the first six months of 2024 was **$112.5 million**, a decrease from $122.3 million in the prior-year period[172](index=172&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure remains materially unchanged from the prior year-end disclosure - Market risks related to interest rates, foreign exchange, and inflation have **not changed materially** since year-end 2023[180](index=180&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - Based on an evaluation as of June 30, 2024, the CEO and CFO concluded that the company's **disclosure controls and procedures were effective**[182](index=182&type=chunk) - **No material changes** in internal control over financial reporting occurred during Q2 2024[183](index=183&type=chunk) [Part II. Other Information](index=38&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company provides an update on material legal proceedings, referencing details in the financial statement notes - For material legal proceedings, the report refers to Note 12, which details the CIPA Action settlement; other matters are **not expected to have a material impact**[187](index=187&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported during the period - **No material changes** have been made to the risk factors disclosed in the company's Annual Report[188](index=188&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its stock repurchase activity for the second quarter of 2024 Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | | :--- | :--- | :--- | | April 2024 | 614 | $40.09 | | May 2024 | 343 | $37.23 | | June 2024 | 714 | $36.44 | [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) The company discloses the establishment of a Rule 10b5-1 trading plan by its Chief Executive Officer - On May 14, 2024, CEO Jeremy Stoppelman established a Rule 10b5-1 trading plan to sell up to **865,000 shares of common stock**[192](index=192&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed in conjunction with the Form 10-Q report

Yelp Inc. (YELP) reported second-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate and marked a significant year-over-year improvement.The company reported second-quarter earnings of 54 cents per share, which beat the Zacks Consensus Estimate of 23 cents. Yelp’s earnings significantly improved from the year-ago quarter’s 21 cents. The year-over-year improvement reflected benefits of disciplined cost management.Yelp’s revenues increased 6% year over year to $357 milli ...

Yelp (YELP) reported $357.02 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 5.9%. EPS of $0.54 for the same period compares to $0.21 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $352.91 million, representing a surprise of +1.16%. The company delivered an EPS surprise of +134.78%, with the consensus EPS estimate being $0.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...