Yelp crashes

Yelp shares fell as much as 15% 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 $US544 million and $US550 million, which would be 54% higher year-over-year. Adjusted earnings are expected to be between $US72 million and $US78 million.

As for its most recent performance, the company posted revenues of $US133.9 million, ahead of the consensus estimate for $US133.5 million. Yelp posted a loss of 2 cents, worse than the estimate for 1 cent.

In the statement, CEO Jeremy Stoppelman said: “We continue to demonstrate solid topline growth, with total net revenue increasing 51% year over year to approximately $US134 million.”

More to come …

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