Yelp Inc., the service for online restaurant and local business reviews, said the booming rise in smartphones is a key part to its international growth.
“We’re seeing close to 50 percent of both traffic and ad impression opportunities on mobile. It’s become a huge part of our business,” Yelp Chief Executive Officer Jeremy Stoppelman said today in an interview with Bloomberg TV. “Over the coming years you can probably expect that it will keep nudging up as more and more turn to their mobile phones and less and less on their desktop computers.”
Stoppelman, speaking at the annual DLD conference for entrepreneurs and technology companies in Munich, said consumers moving to smartphones proved an “incredible opportunity.” Yelp uses a phone’s location to produce ads that are more relevant.
Yelp bought Qype GmbH, Europe’s biggest local review website, for about $50 million in 2012, to expand in the region. Yelp recently started in Singapore and Brazil and is weighing growth in other countries, Stoppelman said. There were about 57,000 advertisers on Yelp as of the third quarter.
“The grand vision is to bring Yelp to the world. We want to be everywhere,” Stoppelman said.
Yelp’s shares have quadrupled over the past 12 months, giving the San Francisco-based company a market value of $5.8 billion. It’s scheduled to report fourth-quarter sales of $67.2 million and a net loss of $1.82 million, according to data compiled by Bloomberg.