Here's Why Yelp Stock Went Up on Friday
Shares of local business-connection platform Yelp (NYSE: YELP) went up on Friday after the company reported results for the third quarter of 2020. The stock dropped immediately after it reported yesterday -- an indication that investors didn't like the initial numbers. However, as of 3:45 p.m. EST, Yelp stock is up 9.5%, suggesting the company's forward guidance is the real reason shares are rising.
For Q3, Yelp's revenue was down 16% year over year to $220.8 million. And through the first three quarters of 2020, revenue is down 14% from the comparable period of fiscal 2019. That's because with restaurants and small businesses disproportionately impacted by the COVID-19 pandemic, there's been less need for Yelp's platform.
Image source: Getty Images.
Source Fool.com
