8 Important Points From OpenTable’s Earnings Report

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From Bank of America/Merrill Lynch, 8 quick points on OpenTable’s earnings yesterday.First, 3 positives:

  • Revenue growth accelerated to 45% thanks to more-than-expected seats filled (up 51% year over year).
  • Margins are growing.

  • Mobile adoption is growing. 10% of seated diners booked through mobile applications.

The negatives:

  • The top-line didn’t surprise the street that much. Revenue was only 500K ahead of estimates.
  • Subscription revenue was slightly lower than expected.
  • Seats filled growth of 51% was slightly lower than it was in the previous quarter.

  • The company is getting more complex, thanks to various initiatives.
  • New investments may crimp margins.

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