Photo: The Italian Village
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 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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