Review: One star.
That, in a nutshell, sums up investors' sentiments on Yelp (YELP) right now. The company's stock fell as much as 30% in after hours trading Tuesday after the company posted disappointing sales results.
That drop effectively erases all Yelp's stock gains from the last year.
Yelp reported sales of $197.3 million for the first quarter, falling short of Wall Street estimates. Its guidance for the upcoming quarter and full year also fell short of analyst estimates.
On a conference call with analysts, Yelp's top execs blamed the sales miss on a struggle to hold on to local advertising accounts that had signed up a year earlier.
Jeremy Stoppelman, Yelp's CEO, said there were "emerging businesses that had trouble competing in the ad system" and jumped ship. Yelp noticed greater churn "halfway through the quarter," according to Stoppelman.
Read More
That, in a nutshell, sums up investors' sentiments on Yelp (YELP) right now. The company's stock fell as much as 30% in after hours trading Tuesday after the company posted disappointing sales results.
That drop effectively erases all Yelp's stock gains from the last year.
Yelp reported sales of $197.3 million for the first quarter, falling short of Wall Street estimates. Its guidance for the upcoming quarter and full year also fell short of analyst estimates.
On a conference call with analysts, Yelp's top execs blamed the sales miss on a struggle to hold on to local advertising accounts that had signed up a year earlier.
Jeremy Stoppelman, Yelp's CEO, said there were "emerging businesses that had trouble competing in the ad system" and jumped ship. Yelp noticed greater churn "halfway through the quarter," according to Stoppelman.
Read More
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