News Briefs for May 11, 2015May 11, 2015
•San Francisco-based Yelp Inc. is reportedly seeking a buyer in the face of slowing growth in users and advertisers. According to the Wall Street Journal, the business-rating website is working with investment banks seeking out potential buyers, with its market value currently around $2.9 billion. In 2014, Yelp reported $36.5 million in profit on $377.5 million in revenue, but it lost $1.3 million in the first quarter of this year amid increasing costs and a deceleration in unique visitors. Yelp has had difficulty luring repeat business from mom-and-pop advertisers on its site, the Journal reports. Meanwhile, tensions have arisen between Yelp and Google Inc., which was reportedly interested in acquiring Yelp in 2009 before talks fell apart. According to Yelp, Google has changed its search engine mechanism to boost its own local listings and push Yelp results further down the page.
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