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Yelp (YELP) Embraces Remote Work Culture, Closes 3 U.S Offices

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Yelp Inc. (YELP - Free Report) recently announced that the company would completely exit three of its existing United States-based offices effective from Jul 29. Yelp will shut its offices in Chicago, Washington and New York on the grounds of the fact that these offices remain “most consistently underutilized.”

The online business search, review and recommendation service provider intends to take a step toward a fully remote work environment through this move. Yelp currently has offices across six U.S cities which are located in San Francisco, New York City, Chicago, Washington, Phoenix, and Scottsdale. The company also has offices outside the United States in Toronto, London, Dublin and Hamburg City. All of these offices will, however, remain open.

Yelp's CEO, Stopppleman, mentioned that the future of work at Yelp is remote. He pointed out that remote working, on one side, aids employees reduce their costs of living in expensive cities while, on the other side, preventing companies from losing their workspaces.

Technically, a remote work setup supports work from anywhere approach, which offers employees an immense amount of flexibility. With this availability, employees can work anytime from anywhere, be it at home or a restaurant. Recently, many top-notch companies have adapted to this environment.

Yelp Inc. Price and Consensus

Yelp Inc. Price and Consensus

Yelp Inc. price-consensus-chart | Yelp Inc. Quote

In 2021, one of the big five American technology giants, Meta Platforms (META - Free Report) , allowed its employees to opt to work from home on a permanent basis. Before that, in 2020, the Australian software company, Atlassian (TEAM - Free Report) , began allowing its employees to work from home or anywhere else permanently.

While Meta is allowing workers whose jobs can be performed remotely to adapt to its remote work policy, Atlassian has stated that even when COVID-19 restrictions loosen, employees are no more required to visit offices.

Zacks Rank & A Key Pick

Yelp, Meta and Atlassian currently carry a Zacks Rank #3 (Hold). Shares of YELP, META and TEAM have plunged 25.1%, 52.2% and 22%, respectively, in the past year.

A better-ranked stock from the broader Computer and Technology sector is Axcelis Technologies (ACLS - Free Report) flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Axcelis’ second-quarter 2022 earnings has been revised upward by 3 cents to 99 cents per share over the past 60 days. For 2022, earnings estimates have moved 41 cents north to $4.40 per share in the past 60 days.

Axcelis’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 23.5%. Shares of ACLS have climbed 43.3% in the past year.