Yelp’s Q1: Nailed It!

The site's partnerships and mobile initiatives are bearing fruit

   

Who says you can’t make money in mobile?

Yelp (NYSE:YELP) seems to have figured things out, if its first-quarter earnings report is any indication, and that had investors bidding up YELP by 24% as of midday Thursday. At roughly $32 per share, YELP is trading at more than double its IPO listing price from roughly a year ago.

The company’s Q1 revenues surged by 68% to $46.1 million, and it thinned its net loss by 75% to $4.8 million, or 8 cents per share. Revenues topped Street expectations for $44.5 million, though profits were 2 cents shy of forecasts.

Yelp also expects good things for the next few months — it projects Q2 revenues in a range of $52.5 millio