OpenTable Inc (NASDAQ:OPEN) announced that its fourth-quarter net income grew 65%. More diners and restaurants are using OpenTable’s electronic booking system and reservations systems. OpenTable’s went public in May 2009 at $20 per share. Today they are trading at around $85-$86.
OpenTable makes money from monthly fees that restaurants pay them. OpenTable also makes money from each meal reservation. OpenTable said that about 13,795 restaurants signed up with them in North America. This is about 27% more than one year earlier.
The number of people that used OpenTable.com to make a reservation grew 51% to 17.8 million. In the last 3 months of 2010, OpenTable posted a net income of $5.1 million. During the same period in 2009, OpenTable made $3.1 million. Revenue in the same period rose 61% to $30.8 million from $19.2 million. Analysts were expecting $30.3 million.