{"id":38663,"date":"2017-08-04T05:35:58","date_gmt":"2017-08-04T05:35:58","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=38663"},"modified":"2017-08-04T05:35:58","modified_gmt":"2017-08-04T05:35:58","slug":"yelp-to-sell-eat24-for-287-5-million-authorizes-share-repurchase","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/yelp-to-sell-eat24-for-287-5-million-authorizes-share-repurchase.html","title":{"rendered":"Yelp to sell Eat24 for $287.5 million, authorizes share repurchase"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"color: #000000;font-family: Arial, Helvetica, sans-serif\">Yelp to sell Eat24 for $287.5 million, authorizes share repurchase<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Yelp Inc (YELP.N) said on Thursday it would sell its Eat24 business to Grubhub (GRUB.N) for $287.5 million in cash, news along with better-than-expected quarterly revenue that drove its shares up more than 18 percent.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">The consumer review website operator also said its board had authorized a $200 million share repurchase program.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Shares of Grubhub, meanwhile, fell 7 percent in extended trade. The online food delivery platform reported second-quarter revenue up 32 percent to $159 million, slightly above the $158 million expected on average by analysts, according to Thomson Reuters data.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Yelp said it would enter a long-term strategic partnership in which it would integrate online ordering from restaurants on Grubhub&#8217;s site.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Yelp&#8217;s second-quarter revenue rose 20 percent to $209 million, above the $205 million expected by analysts, on average.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Net income of $7.6 million far exceeded $400,000 a year earlier. Earnings per share were 9 cents per share, versus 1 cent per share, a year ago.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Investors were cheered by the beat in revenue after Yelp missed first-quarter revenue estimates, along with news of the sale and the repurchase program.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">&#8220;It&#8217;s a sign that execution is back on track,&#8221; analyst Matthew Thornton of Suntrust Robinson Humphrey Capital Markets said.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Looking to the third quarter, Yelp said it expects revenue of $217 to $222 million. Analysts have been expecting $219.67 million.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 14pt;font-family: Arial, Helvetica, sans-serif\">Shares rose to $37.12 in after-hours trade, up 18.3 percent, after closing at $31.37.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-size: 8pt;font-family: Arial, Helvetica, sans-serif\">source:-https:\/\/www.reuters.com\/article\/us-yelp-results-idUSKBN1AJ2VP<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/technology\/yelp-to-sell-eat24-for-287-5-million-authorizes-share-repurchase.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Yelp to sell Eat24 for $287.5 million, authorizes share repurchase Yelp Inc (YELP.N) said on Thursday it would sell its Eat24 business to Grubhub (GRUB.N) for $287.5 million in cash, news along with better-than-expected quarterly revenue that drove its shares up more than 18 percent. The consumer review website operator [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":38664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[35357,35356,35355],"class_list":["post-38663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-yelp-sale-process","tag-yelp-sellwood","tag-yelp-to-sell"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/38663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=38663"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/38663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/38664"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=38663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=38663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=38663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}