Yelp Is Now Valued At Nearly $1.5 Billion
Reviews website Yelp.com is now valued at almost $1.5 billion since going public earlier this week. Yelp was received well by Wall Street during their first day as a publicly traded company. Yelp closed at a price of $24.58 per share, which is up 63% from their $15 IPO price. Yelp hit as high as $26 per share and never fell below the $22 opening price.
Wall Street seemed to embrace Yelp.com better than Zynga, which dipped below their IPO price within the first few minutes of their stock market debut in December. Zynga was extremely profitable at the time of their IPO, but Yelp is still not profitable. Same case with Groupon. Now that Yelp is public, Wall Street will determine how great they really are on a quarter-to-quarter basis. Best of luck on the road ahead Yelp. I use your website every single day.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry