Yelp crashes
REUTERS/Jim Young
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 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
NOW WATCH: The 7 best new features coming to Windows 10
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit