Yelp Continues to Shrink Losses

Yelp reported a first-quarter net loss of $4.8 million, down from 50 percent from the first quarter of last year and 75 percent from the closing quarter of 2012.

yelp, recommendations, local search, mobile apps

yelp, recommendations, local search, mobile appsYelp reported a first-quarter net loss of $4.8 million, down from 50 percent from the first quarter of last year and 75 percent from the closing quarter of 2012.

Revenue continued to grow, reaching $46.1 million in the first quarter, reflecting 68 percent growth in over the first quarter of 2012. The company said it expects is yearly revenue for 2013 to show 58 percent growth over 2012.

The company continues to expand internationally, but currently just 6 percent of its revenue comes from outside the U.S. Earlier today, it announced a launch in New Zealand, which marks its 21st country.

The website continued to draw more traffic, reaching 102 million unique visitors.

Although more than half of its searches come from mobile devices, just over a third of ad impressions occurred on mobile.

Executives acknowledged that Google, which drives half of its traffic, could be a threat to Yelp’s business. The search giant offers its own ratings, through Zagat, and regulators declined to punish the company for promoting its local search results above its competitors’.