![]() ![]() And so they want to reach those consumers. People do want to get back out, notwithstanding the fact that we're not past COVID yet. What do you think this says about the overall state of small businesses that are on Yelp's platform?ĭAVID SCHWARZBACH: Well, what we are seeing is that small businesses are seeing folks coming back out. What do you think- we were just talking about the jobs report out today. But businesses can opt for either a free page on Yelp or they can use ads to help promote their business. Ad revenue, of course, you said that really drove growth this past quarter. And we think the first quarter really reflects the progress that we've made.īROOKE DIPALMA: And David, I want to dive a bit more into that. And what you asked, what are investors missing, we've really gone through a strategic transformation over the course of the past three years. We think that we're very well positioned to deliver against that. That's what we saw, as advertisers wanted to reach consumers. Now, we think that there was real demand for advertising in the first quarter. Yelp's really known for restaurants, but actually, about 60% of our revenue comes from services. It did reflect a rebound in our restaurant, retail, and other categories. I wonder what you think investors are missing from the story.ĭAVID SCHWARZBACH: Well, coming off of a great 2021 for us, we continued to deliver in the first quarter. I mean, obviously, when you look at the quarter, you have record quarterly revenue. And I wanted to point to the stock, that move that we're seeing today. With the leisure and hospitality sector seeing momentum, activity on Yelp is also ticking up, as consumers- let's just get to our guest here. Well, and I guess the question is, how many of those people who left are actually going to come back to the sector, even if they come back to the labor force? And that's something that we've heard from so many-ĪKIKO FUJITA: -that, look, after what happened in the pandemic, they're looking to other areas to-īROOKE DIPALMA: For stability, perhaps, more hours.ĪKIKO FUJITA: Something we'll be watching closely. So to fill that demand while also seeing so many quit this sector, it's certainly lots to gamble here.ĪKIKO FUJITA: Yeah. And that's for so many restaurants to have to cut hours, delay their openings, and really take a second look at their staffing because, you know, just recently, on Wednesday, we got new data out of the US Bureau of Labor Statistics that 889,000 employees quit in the leisure and hospitality sector in March of 2022. It really comes down to the fact that can these restaurants fill that demand with the staff that's needed. They're looking to stop and grab breakfast. People are going back into their offices. But when you think about the pent-up demand that we're seeing from consumers, just really eager to get out, to spend, to travel, of course, as the summer months come closer- also, too, think about it, we're back in the office. It's still down 1.4 million jobs- that's 8.5%- since that February 2020 onset of the pandemic. And accommodation- hotels, lodges, motels- added about 22,000 jobs.īut Akiko and Brian, it's a long road ahead for this leisure and hospitality sector to just get back to where it was. And then when you look deeper into that, the food services and drinking places- of course, you know, that's bars and restaurants- they added about 44,000. In April, it increased to 78,000 jobs- they added, that is. When you think of the comeback that happened since the pandemic started back in February of 2020, it certainly is a huge moment for the leisure and hospitality sector here. Big gains in that specific sector.īROOKE DIPALMA: Absolutely, Brian. And Brooke, again, same story as we've seen in previous months. And for more on that, let's bring in Yahoo Finance's Brooke DiPalma, who was looking into that a little bit deeper. Video transcriptīRIAN CHEUNG: -thing that was in focus in that report was just the gains that we saw in leisure and hospitality. Yelp CFO David Schwarzbach joins Yahoo Finance Live to discuss company earnings, advertising revenue, and the outlook for growth.
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