Yelp operates a local business discovery and review platform, connecting consumers with local businesses through user-generated reviews and ratings. The platform hosts over 330 million cumulative reviews, and its core value to consumers is trusted, human-written content that helps them evaluate local businesses before making a purchase. On the advertiser side, Yelp sells cost-per-click ads to local businesses — from home repair contractors and auto shops to restaurants and retailers — through a direct sales force, a self-serve platform, and a dedicated team for larger multi-location businesses. Advertising accounts for roughly 95% of total revenue. Yelp's advertiser base splits into two categories: Services (home, auto, and professional services, roughly 65% of advertising revenue) and Restaurants, Retail & Other (roughly 30%). Services has been the primary growth engine, while the restaurant and retail segment has been under pressure. Revenue drivers include the number of paying advertiser locations (roughly 496,000 at end of FY25), average revenue per location, and total ad click volume. Yelp's auction-based ad system dynamically prices clicks based on advertiser budget demand and consumer traffic supply. Beyond advertising, Yelp is building AI-powered SaaS tools for businesses — including AI phone answering products for restaurants and service pros — and licensing its review content to AI search companies including OpenAI. Yelp allocates excess cash primarily to share repurchases, and has reduced its fully diluted share count materially since 2021.