Yelp and SunPower released their latest earnings reports after closing bell tonight. Yelp posted losses of 3 cents per share on revenue of $143.6 million. Analysts had been looking for losses of 9 cents per share and $141.42 million in revenue. In last year’s third quarter, the company reported earnings of 5 cents per share and $102.5 million in revenue.
SunPower posted a surprise adjusted profit of 13 cents per share on $441.4 million in non-GAAP revenue. Analysts had been expecting losses of 3 cents per share and $428.85 million in revenue. In last year’s third quarter, the firm reported earnings of 30 cents per share and $662.7 million in revenue.
ValueWalk's Raul Panganiban David Barse, Founder and CEO of XOUT Capital, and discuss his unique approach to investing. Q1 2021 hedge fund letters, conferences and more The following is a computer generated transcript and may contain some errors. Interview with XOUT Capital's David Barse
Yelp shares rise
Yelp’s adjusted EBITDA fell from $20.1 million last year to $12.5 million this year, while net losses were 11 cents per share or $8.1 million, compared to last year’s earnings of 5 cents per share or $3.6 million. Local ad revenue grew 39% to $115.9 million, while transactions revenue skyrocketed to $12 million due to the Eat24 acquisition. Brand ad revenue fell 4% to $9 million, while other revenue was flat year over year at $6.7 million.
The company reported a 35% increase in cumulative reviews, which brought them to about 90 million. App Unique Devices increased 39% to about 20 million on a monthly average basis. Yelp grew its local ad accounts 37%, bringing them to about 104,200. Yelp saw page views climb by almost 40% and Yelp Platform transactions rise by about 170% year over year.
Management said for the fourth quarter, net revenue should be between $149.5 million and $154.4 million and adjusted EBITDA of between $20 million and $24 million. For the full year, they expect net revenue of $545.5 million to $551.5 million and adjusted EBITDA of between $72 million and $76 million.
Shares of Yelp rose by as much as 3.62% to $22.90 per share in after-hours trades.
SunPower shares rise too
SunPower’s GAAP revenue fell from $662.7 million last year to $380.2 million this year, while GAAP gross margin edged upward to 16.5%. GAAP income plunged from 20 cents per share to losses of 41 cents per share for the third quarter, while EBITDA fell from $85.5 million to $54.2 million.
The solar company guided for non-GAAP revenue of between $1.25 billion and $1.3 billion, gross margin of between 28% and 29%, and EBITDA of $300 million to $325 million for the fourth quarter. SunPower expects to deploy between 275 megawatts and 305 megawatts during the quarter and GAAP revenue of between $300 million and $350 million.
For the full year, the company expects non-GAAP revenue of $2.5 billion to $2.55 billion, a gross margin of 23% to 24%, and earnings of between $1.95 and $2.05 per share. SunPower expects to deploy between 1.15 gigawatts and 1.18 gigawatts for the full year.
Shares of SunPower climbed by as much as 4.79% to $25.80 per share in after-hours trades.