Yelp Reports A Profit For The First Time Since Going Public

Yelp announced its second-quarter earnings on Wednesday, and the results were better than expected.

Net revenue was $88.8 million in the second quarter, which is up 61% from the same quarter last year. That beat analyst expectations of $86.32 million.

Net income was $2.7 million, or $0.04 per share. That's compared with a loss of $878,000 in the same quarter last year.

This was the first time the company had reported a profit since it went public in 2012.

The company also said that reviews on the site had increased 44% year over year to 61 million. Monthly unique visitors grew 27% to around 138 million, and monthly mobile unique visitors are at 68 million, up 51% year over year.

Yelp added several features to its site this quarter, including Yelp Reservations, which allows restaurants to set up free online reservations, and a new feature that allows people to add videos to their reviews.

The company offered strong guidance for the third quarter, projecting revenues between $98 million and $99 million.