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Don’t get fooled by YELP’s Q1 print! Listen to what Hedgeye Internet & Media Sector Head has to say on YELP’s recent questionable changes to their advertising and accounting metrics.

UPDATE: We believed revenues from SeatMe (reservation service) would be reclassified from YELP's Other Services segment into its core Local Advertising segment starting in 1Q15.  However, that already happened in 1Q14! The reclassification wasn't explicitly disclosed in any of YELP's filings until its 2014 10-K filed two weeks ago, yet there has been no reported revisions to its 2014 quarterly segment revenues.  

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