Yelp Shares Soar As Q2 Earnings Beat The Street

Yelp, the leading online urban guide, reported profits of 4 cents a share, beating analysts' estimates of a loss of 3 cents a share. Revenue came in above expectations, up 61% from last year to $88.8 million. The revenue is largely a result of increased focus on local advertisements. The company has been expanding its platform for small businesses and put its efforts in mobile traffic. Active local business accounts grew 55% year over year to approximately 80 thousand in the online guide. Yelp expanded into Latin American markets over the past quarter, adding Argentina to the local guide in May. For the year, Yelp expects revenue growth of 60% compared to 2013 in the range of between $372 and $375 million. The Street's Kathryn Mykleseth reports in New York.