Yelp shares are crashing after a big earnings miss.
On Wednesday after the market close, Yelp reported a first quarter loss per share of 2 cents, missing expectations for a 1 cent loss, on revenue that totaled $US118.5 million, short of expectations for revenue of $US119.8 million, according to estimates from Bloomberg.
Shares were down as much as 13% in after hours trade following the results.
The company’s outlook also disappointed, with Yelp saying that revenue in the second quarter is expected to total $US131-$US134 million, below expectations for $US138.4 million.
The company’s full-year revenue outlook was also a little light, coming in at $US574-$US579 million against expectations for $US579.2 million.
Going into Wednesday’s close, Yelp shares were down about 11% year-to-date.