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Yelp Inc. latest news:
GrubHub reports revenue beat, better-than-expected outlook
Shares of GrubHub Inc. gained 0.4% in premarket trading after the company reported better-than-expected revenue and announced a partnership with Yum Brands Inc , while earnings missed expectations. Net income rose to $53.5 million for the fourth quarter from $13.6 million a year ago, while earnings per share increased to 60 cents from 16 cents. On an adjusted basis, GrubHub reported net income of $33.3 million or 37 cents a share, up from $19.8 million and 23 cents per share, respectively. Those adjusted metrics came up short of analysts expectations for net income of $27.6 million and per-share earnings of 31 cents, according to FactSet. Revenue of $205.1 million for the quarter rose $137.5 million and came in ahead of estimates for $201.7 million. Active diners totaled 14.5 million, up from 8.2 million a year earlier. The company expects revenue for the first quarter to be between $224 million and $232 million; analysts had been expecting $226.7 million. "Over the past two years we have taken incredible strides in expanding the breadth and depth of our restaurant network, growing the number of local restaurants we work with from 40,000 to over 80,000 today," CEO Matt Maloney said in a release. "The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform." GrubHub also has a partnership with Yelp Inc. Shares of the food-delivery platform are up 75% over the past 12 months, while the S&P 500 Index has gained 17%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Yelp stock falls more than 6% after earnings miss
Yelp Inc. shares fell in the extended session Wednesday after the reviews site missed fourth-quarter earnings estimates. Yelp shares plunged more than 6% to $41.50 after hours. The company reported fourth-quarter net income of $142 million, or $1.60 a share, compared with $8.2 million, or 10 cents a share, in the year-ago period. Net income includes a pre-tax gain on the sale of Yelp's Eat24 unit for $164.8 million. Adjusted earnings were 19 cents a share. Revenue rose to $218 million from $194 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 27 cents a share on revenue of $215 million. For the first quarter, analysts model adjusted earnings of 25 cents a share on sales of $219.5 million. Yelp said that it expects first-quarter sales of $218 million to $221 million. Yelp stock has gained 7.8% in the past year, with the S&P 500 index rising 18%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
GrubHub to benefit from delivery interest among big restaurant chains: analyst
GrubHub Inc. shares are little changed in premarket trading Thursday after analysts at Mizuho began coverage of the firm with a buy rating and a $81 price target. "We expect GrubHub to emerge as the primary winner in online delivery over the next decade," wrote the analysts, led by Jeremy Scott, in a note to clients late Wednesday. He believes that the company will benefit from more chain restaurants choosing to get serious about food-delivery efforts. Scott argues that GrubHub's current share price doesn't reflect the firm's strong position in the market, the impacts of the company's acquisition of Yelp Inc.'s Eat24, or the "the accelerated pace of consolidation" in the industry. He sees less private money available for smaller players. Scott also likes that GrubHub has a "singular focus" on restaurant delivery, whereas competitions like Postmates aren't exclusively committed to that vertical. GrubHub shares have gained 70% over the past 12 months, while the S&P 500 is up 23%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Google looking to sell Zagat: report
Alphabet Inc. is considering selling the Zagat restaurant-reviews property six years after acquiring it. Google, which reportedly paid more than $100 million for the property, has talked with multiple interested parties about selling Zagat, Reuters reported Wednesday based on anonymous sources. Google bought the service after reportedly exploring the purchase of Yelp Inc. and Groupon Inc. , and eventually reached a settlement with the Federal Trade Commission resulting from the search engine's use of content from sites like Yelp. Yelp recently formally accused Google of breaking the rules it agreed to in that settlement. Alphabet class A and class C shares hit all-time intraday highs in Wednesday's trading session.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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