Friday, August 4, 2017
Yelp says GrubHub is acquiring its Eat24 delivery service for $287.5M; reports Q2 revenue of $208.9M, up 20% YoY; stock up 18%+ after hours
Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, today announced financial results for the second quarter ended June 30, 2017.
“We performed well in the second quarter, growing revenue by 20% and driving strong growth in app usage and advertiser accounts,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “We generated strong profitability in the second quarter, even while investing for future growth. We are announcing the pending sale of Eat24 to Grubhub today as part of an important strategic partnership to expand online ordering capabilities on Yelp. The Eat24 team has been instrumental in Yelp’s success over the past two years and we are excited to continue to work with them as part of Grubhub.”