OpenTable Inc. (NASDAQ:OPEN), the largest online reservation service in the country, announced its full-year profit estimates on August 3, which beat analysts estimates and led its small cap stock to rise by the most in two years.
OpenTable said it experienced a 27 percent increase in the number of people who use its service in the second quarter of 2012, while the number of people who access the site via mobile devices increased 3 percent.
"The shift to mobile is a long-term positive for us," Chief Executive Officer Matthew Roberts told Bloomberg. "Our primary and fastest growing source of revenue is reservation transactions, which monetize well on mobile devices."
The company estimates its full-year earnings will be as much as $1.66 per share, up from original estimates of a high of $1.64 per share.
"We're pleased with the progress we're making across a variety of areas that support future growth in both our North America and International businesses," Roberts added.
As of 3:20 p.m. on Friday, August 3, OpenTable shares were up 17.1 percent to $39.99 each.