Categories AlphaGraphs, Earnings, Retail, Technology
Yelp stock plunges after Q3 revenues miss estimates
Yelp Inc. (YELP) Thursday reported higher earnings and revenues for the third quarter, but the top-line missed estimates. The company’s stock plunged 27% following the announcement.
Revenues of the company, which provides crowd-sourced online review service, increased to $241.1 million in the third quarter from $223.3 million last year but missed estimates.
Net income moved up to $14.9 million or $0.17 per share during the three-month period from $8 million or $0.09 per share in the year-over period. Analysts had expected earnings of $0.08 per share.
“We remain positive about the move to more flexible and dynamic advertising terms, as we believe the shift greatly increases our long-term sales opportunity and opens up additional levers to expand Yelp’s sales reach and profit margins,” said Yelp CEO Jeremy Stoppelman.
Yelp shares closed Thursday’s session lower, after falling 6% over the past twelve months. The stock dropped further in the after-hours following the announcement.
Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips
Most Popular
MRK Earnings: Merck Q1 2024 profit jumps on 9% revenue growth
Pharmaceutical company Merck & Co. Inc. (NYSE: MRK) reported a sharp increase in adjusted earnings for the first quarter of 2024, aided by an increase in revenues. First-quarter worldwide sales
Infographic: A snapshot of Caterpillar’s (CAT) Q1 2024 financial results
Caterpillar Inc. (NYSE: CAT), a leading manufacturer of construction and mining equipment, on Thursday reported first-quarter 2024 financial results. Sales and revenues for the first quarter of 2024 were $15.8
AAL Earnings: Key quarterly highlights from American Airlines’ Q1 2024 financial results
American Airlines Group Inc. (NASDAQ: AAL) reported its first quarter 2024 earnings results today. Total operating revenues increased 3.1% year-over-year to $12.5 billion. Net loss amounted to $312 million, or $0.48