Yelp ad revenue rises 14% as advertisers ‘shift towards performance marketing’

Yelp has reported better-than-expected advertising revenue in the second quarter of 2023, year on year. Advertising revenue reached just shy of $322 million, which is a 14% increase from the second quarter of 2022. The strong performance helped boost total net revenue up 13% year-on-year to $337 million, ahead of the Street consensus at $325 million. Yelp’s strong performance in advertising has been attributed to a higher average cost per click (CPC), which was up 14% year-on-year. "Net revenue reached a new high driven by record advertising revenue across categories.