Profit grows at meal reservations site OpenTable
OpenTable Inc. said Tuesday that its fourth-quarter net income grew 65 percent as more diners used its free service to book restaurant reservations and more restaurants signed up for its electronic booking system.
Before OpenTable released its earnings report, its shares closed up 48 cents at $85.28; they touched an all-time high during the day of $86.20, and they rose two cents after hours. The company went public in May 2009 at $20 per share; the stock has risen more than fourfold since then.
OpenTable makes money from the monthly fees that subscribing restaurants pay for its service. It also receives a fee for each meal reservation that ends with a diner paying a bill at the appointed restaurant.