Social restaurant reviewing site Yelp is on the rise. The website posted $31 million in revenue during the most recent quarter, a notable increase from the previous quarter. The social site managed to jump out in front of other social platforms even though Facebook is launching its initial public offering and other social companies are being scooped up by larger companies. It's a good sign for Yelp.
"Our initial public offering added $114 million to our balance sheet, adding strength to our financial foundation as we look to continue investing in our rapid growth," said Yelp chief financial officer Rob Krolik in a statement. The site boasts more than 25 million reviews of local businesses, most of which are attributed to restaurants, though Yelp markets itself as a destination for reviews of all kinds of local businesses.
As such, it partly competes with Angie's List, a premium service that reviews private contractors like painters and doctors. But Yelp's huge grasp on the local restaurant market, and its ability to bleed into these other areas managed to help its net revenue rise 66% to $27.4 million. The quarterly revenue was a very good sign for Yelp, which posted a net loss in the first quarter of the year. The company continues to battle against other, more prominent social networks like Foursquare and Facebook.