Current Event Posting # 2
Topic: Technology/Science
Publication Name: CNN Date of Publication: 3/2/12
Length of Article: 604 words
The San Francisco based tech company, Yelp has jumped in value. The initial public offering(IPO) of Yelp has soared more than 60% on the Friday of 3/2/12. The company is now valued at $1.47 billion. Yelp founded in 2004, focuses itself on providing online reviews for restaurants and other businesses. Yelp claims to have 18 million such reviews. Last quarter, 66 million unique visitors went to Yelp's site on a monthly basis. In 2011, Yelp had a net loss of $16.7 million because of questionable and fraudulent reviews. The company, however, has recently cracked down on their user posted review content. By actively filtering over 5 million reviews, Yelp has managed to become profitable again.
Yelp has now managed to regain a foothold in the technology industry after almost a decade of constant struggling. The question now is how long will they keep the upper hand. Google, one of the fortune 500, has plans of its own to monopolize the very sector of the tech industry that Yelp sits on by releasing its own Yelp-like business review search engine.
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