Yelp Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue of $360.3 million, an increase of 4.4% compared to the third quarter of 2023. The company's GAAP profit was $0.56 per share, which exceeded analysts' consensus estimates by 33.1%. Net income for the quarter was $38.44 million.
Alongside its earnings report, Yelp revealed an agreement to acquire RepairPal, an auto services platform, for approximately $80 million in cash. This acquisition is expected to close by the end of 2024, subject to customary conditions. RepairPal, established in 2007, connects consumers with certified trustworthy mechanics across the United States.
The strategic acquisition of RepairPal is intended to bolster Yelp's Services segment, which has been a key growth driver for the company. RepairPal's existing partnerships with large companies like USAA, CarMax, and Endurance Vehicle Services are expected to enhance Yelp's presence in the auto services vertical.
For the full year 2024, Yelp provided guidance expecting net revenue to range between $1.397 billion and $1.402 billion. This outlook reflects a modest decline at the midpoint compared to previous expectations, indicating some ongoing challenges despite the strong Q3 performance.
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