Yelp (NASDAQ:YELP) has released its first quarter 2016 earnings report, with 8 cents per share on $158.6 million revenue, above expectations of analyst’s and Yelp itself. The management has previously gave guidance of $154 million to $157 million. Shares of the company surged more than 18% Thursday morning.
This quarter has been important for yelp, as several crucial to the business matrices have shown improvements. Cumulative reviews increased 31% year over year to about 102 million. The app, the new version of which was launched last year, is not installed on 21 million unique devices, an increase of 32%. The most significant - local advertising accounts increased 34% to about 121,000, and local ad revenue increased 40% to $138.1 million.
Yelp has also provided good guidance for the second quarter. The company expects a range for revenue between $167 million and $171 million and adjusted EBITDA to be between $21 million and $25 million.