According to Yelp’s Q1 2014 earnings report, the company’s net revenue for the quarter totaled $76.4 million, representing a 66 percent growth over first quarter of last year.
Yelp claims average monthly unique visitors climbed to 132 million, representing 30 percent year-over-year growth, and local business accounts reached 74,000, a 65 percent year-over-year growth rate.
Monthly mobile unique visitors was up even more with 52 percent year-over-year growth reaching 61 million. Yelp claims 35 percent of its new reviews for the quarter were submitted via a mobile device.
“In the first quarter we announced our integration into Yahoo local search, building on our existing partnerships with Apple Maps and Bing,” said Yelp CEO Jeremy Stoppelman, “We also entered into an advertising partnership with YP. com which will enable us to introduce Yelp to an even broader pool of business owners.”
CFO Rob Krolik followed up Stoppelman’s comment to say the local search company will continue investing in hiring, geographic expansion and product innovation.
Internationally, Yelp said it is now available in 120 markets worldwide, launching in Mexico and Japan, and adding new markets in Quebec City, Canada, and Lisbon. Yelp’s international traffic saw a 95 percent year-over-year growth rate, with international reviews growing 210 percent during first quarter of 2014.
Yelp says it expects full year growth rate for 2014 to be 57 percent compared to last year, with net revenue in the range of $363 million and $367 million.