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TheStreet Open House

Yelp Jumps on Delivery Rollout

NEW YORK ( TheStreet) -- Yelp (YELP) shares continued their extraordinary 2013 run Tuesday, gaining 6.45% to $37.16, as the company announced a new service for food delivery and pickup.

In an update to its Apple (AAPL) iOS app, Yelp introduced Yelp Platform, which allows users to order food directly from a select number of restaurants. The service is powered by delivery.com and Eat24, and allows users to order food straight from the app either for delivery, or pickup.

"In the coming months, we'll add categories like spas, yoga studios, salons and dentist appointments starting with Booker, Intuit's Demandforce and MindBody," Yelp said on its blog. "Consumers can expect us to add more categories in the future."

The company noted that the iOS update is available immediately, but would be coming soon to Google's (GOOG) Android as well.

Yelp has been the beneficiary of some strong momentum recently. Pacific Crest analyst Evan Wilson initiated coverage on the San Francisco-based Yelp, starting shares at "outperform" with a $40 price target. Wilson noted the company is poised to benefit from the coming boom in mobile advertising, with its 39 million user-based reviews. "The depth of its reviews is a very valuable commodity and difficult to replicate," Wilson wrote in the report. "Yelp's biggest innovation was combining a user review site with community features and a modern desktop and mobile interface."

Shares have been aided by the strong growth the company has experienced, as more users take to the service and more features are added. First-quarter revenue rose 68% year-over-year to $46.1 million, as Yelp's active local business accounts climbed 63% compared to the prior year's quarter, reaching approximately 45,000.

YELP Chart YELP data by YCharts

-- Written by Chris Ciaccia in New York

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