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STMP - Yelp Valued For Growth But Relying On Miracles
Stamps.com Inc.
Summary
Yelp (YELP) currently trades at a PE ratio of close to ~60X and is guiding for significant growth in the coming years. This is despite its core business deteriorating, its first slowdown in paid accounts, and increased competition from Google (GOOG) (GOOGL) and Amazon (AMZN). A business centered around crowdsourced reviews lives and dies by network effects. As Google generates a substantially greater number of reviews, from a much more diverse reviewer base, the Yelp platform is quickly becoming obsolete.