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Thursday, August 11, 2016

Yelp Shacks Up With Nowait, Reports Good Q2 Growth

Yelp, one of the biggest crowdsourced and professional local review services out there, has been having a fairly good year thus far, despite some missteps. They posted up their official numbers for the second quarter of 2016, along with some fairly exciting news that will herald changes for both the company and the service at a fundamental level. Their total revenue for the quarter was $151.9 million, a growth figure of 41% year on year for the second quarter. For the third quarter, revenue is projected to grow to between $180 million and $184 million. If these figures are realized, they would mean a year on year increase for the third quarter of about 27%. On top of being on the upswing in a big way, Yelp took the opportunity to talk about how their app now allows customers to interact with businesses as well as see reviews, and to announce a key position in the company being switched up.

Yelp has partnered up with Nowait, also shooting them a bit of cash, and now Yelp users can check out wait times at local restaurants and even put themselves on the waiting list remotely via the Yelp app. A message will let you know when your table is ready. If your plans for a night out go awry and you happen to not be there in time for your table, you’ll be able to tell the restaurant as much through the app so that they can reassign your table. As well as interacting with waiting lists, thanks to more than a few transaction partners, Yelp users can now conduct business with over 100,000 different businesses nationwide through the Yelp app.

Perhaps the biggest change is that Geoff Donaker, COO for upwards of a decade, will be stepping down. He will be taking a backseat role as he retires, retaining a position on the board of directors and as a key advisor for Yelp. His successor, Jed Nachman, has been with the company since 2007 in various leadership roles and grown the company’s staff, assets, and revenue substantially. Nachman will be continuing many of Donaker’s key company strategies while bringing his own unique spin to the position. While the entire tech sphere is in a bit of an uproar right now, 2016 looks like an exciting and lucrative year to be involved with Yelp.

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