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Yelp crashes
(REUTERS/Jim Young)
Yelp shares fell as much as 16% in after-hours trading on Tuesday after the company slashed its outlook for full-year earnings.
In its second-quarter results, the company said it expects net revenues to be between $544 million and $550 million, which would be 54% higher year-over-year. Adjusted earnings are expected to be between $72 million and $78 million.
The business ratings and reviews platform lowered its outlook "based on slower sales headcount growth and the elimination of its brand advertising product."
As for its most recent performance, the company posted revenues of $133.9 million, ahead of the consensus estimate for $133.5 million according to Bloomberg. Yelp posted a loss of 2 cents, worse than the estimate for 1 cent. Adjusted Q2 earnings per share came in at $0.12, versus the forecast for $0.16.
Mobile unique visitors to the site exceeded desktop uniques for the first time, up 22% year-over-year, and averaging 83 million per month, Yelp said.
"Consumers are increasingly turning to apps when using their mobile phones, and we are excited about the growth we've seen in app usage which accelerated to 51% year over year," CEO Jeremy Stoppelman said in the statement.
Earlier this month, Bloomberg reported that Yelp was not looking to sell itself after being approached by several companies.
Yelp shares are down 39% year-to-date, and 51% over the past 12 months.
Here's a 12-month look at the stock:
(Google Finance)
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