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Yelp soars in after hours on second quarter results, Eat24 sale

Published 08/03/2017, 04:30 PM
© Reuters.  Yelp soars in after hours on second quarter results, Eat24 sale
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Investing.com - Yelp Inc (NYSE:YELP). posted a big earnings beat Thursday and announced the sale of its Eat24 business to GrubHub, sending shares up over 18% in early after hours trade.

Yelp pulled in second-quarter net income of $7.6 million, or 9 cents a share, on sales of $208.9 million. In the year-ago quarter, the company earned 1 cent per share on sales of $173.4 million. The results also beat analysts expectations for a loss of 8 cents a share on sales of $205 million.

Separately, Yelp said it is selling its Eat24 business for $287.5 million to GrubHub and integrating GrubHub's similar offering into its own platform. Yelp bought Eat24 for $134 million in 2015.

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