Yelp shares rise 6% after sales and profit surge

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Shares of Yelp Inc. rose 6% in after-hours trading Tuesday after the company reported better-than-expected sales and earnings. The San Francisco-based e-commerce platform said it earned $ 21.1 million, or 27 cents a share, versus expectations for a balanced quarter, according to analysts surveyed by FactSet. Yelp revenue improved 15% to $ 233.2 million, beating estimates of $ 228.2 million.

“2020 was a transformational year for Yelp,” Jeremy Stoppelman, co-founder and CEO of Yelp, said in a statement. “We remain financially strong during the pandemic as we increase the pace of product innovation to help consumers and local businesses stay connected, while continuing to make significant progress on our long-term strategy.” Yelp shares YELP, + 2.18% is up 11% in the last 12 months, while the broader SPX S&P 500 index, -0.11% has advanced 16.5% last year.