OpenTable's $150 Million Mobile App (And Q1 Earnings)

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Since OpenTable launched its iPhone app in November, 2008 it has booked restaurant reservations for 3 million diners through it and other mobile apps. With a $50 average check, that comes to $150 million in revenues coming from mobile apps to restaurants all over the world. (OpenTable takes a cut). The bulk of that is from the iPhone.

About a year later, the company announced that it had seated one million diners through all of its mobile apps. So it is up 200 percent since then just on the mobile side. (It seems like everyone is hitting the 3-million user mark today).

To put that number in perspective, OpenTable seated a total of 24.2 million diners in the past two quarters, roughly two million of which were via mobile apps, or about 8 percent. (The milestones don’t exactly match the end of each quarter).

OpenTable just released earnings for the first quarter of 2010. Revenues were up 33 percent to $21.3 million, and profits were up almost sixfold to $2.5 million ($0.11 EPS, or $0.14 EPS if you look at non-GAAP consolidated earnings, versus a $0.12 consensus estimate). Its mobile app is still contributing a relatively small part of those overall revenues, but it is growing faster than any other part of OpenTable’s business.

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