Shares of Yelp Inc. (NYSE: YELP) rose sharply on Thursday following reports that technology giant Apple Inc. (NASDAQ: AAPL) intends to include the website into its new mapping application.
According to a report by Street.com, the move will allow users to utilize Yelpâ€™s check in feature on Appleâ€™s Maps application instead of opening the Yelp app.
Apple had announced its new mapping and navigation service last month. The service will replace Google Maps as default service on iPhones and iPads. The move from Apple could be significant for Yelp, which offers local reviews and advertising in dozen of cities.
Although Yelp did not comment on the report, the companyâ€™s shares rose sharply. Yelp, which completed its IPO in March this year, rose 5.83% to finish at $26.16 on Tuesday. The stock touched an intra-day high of $27.74.
Yelp shares fell to an all-time low of $14.10 last month. However, since then the stock has bounced back sharply, and has been the best performing social media stock. In the last one month, Yelp shares have gained 71.88%, compared with a gain of 6.38% for the S&P 500.
In the same period, the performance of other social media stocks has been mixed. Shares of social networking giant Facebook Inc. (NASDAQ: FB) have gained 21.65% in the last one month. Zynga Inc. (NASDAQ: ZNGA) shares have fallen 5.06% in the last one month. LinkedIn Corp. (NYSE: LNKD) has seen its shares rise 16.39% in the last one month.
Yelp will release its second-quarter financial results on July 30, 2012. The company expects second-quarter revenue to be between $29 million and $31 million, in-line with analystsâ€™ estimates. Adjusted EBITDA for the second quarter is expected to be a loss of $500,000 to $800,000. For fiscal 2012, revenue is expected to be between $128 million and $132 million.