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Yelp Swings to Loss, But Revenue Jumps 40%

Yelp Inc., YELP 8.51 % which became popular as a way for people to rate local businesses, on Wednesday reported another quarterly loss on sharply higher costs as the company tries to revamp operations.

Revenue however jumped 40%, topping the company’s projection, and bolstered by a 36% increase in revenue from local advertising.

The company’s stock, which has lost nearly 60% of its value this year through Wednesday’s close, rose 3.3% to $22.80 in late trading.

The bulk of the costs in the latest period, company executives said, were tied to a national advertising campaign that was launched during the quarter and higher-than-projected hiring of local sales representatives.

“We are investing in our future, as we believe our marketing campaign along with the continued growth of our sales team, will benefit our business over the long term,” Chief...