Yelp shares fall after weaker first-quarter restaurant and retail advertising revenue
Updated
Updated · MarketWatch · May 8
Yelp shares fall after weaker first-quarter restaurant and retail advertising revenue
5 articles · Updated · MarketWatch · May 8
The stock dropped 8.1% to $26.25, while net income fell to $17.7 million from $24.4 million despite revenue rising to $361.5 million and beating estimates.
Restaurant, retail and other advertising revenue declined 11%, services advertising rose 1%, and paying advertising locations fell 6% to 485,000.
CFO David Schwarzbach said local businesses were hurt by a tough economy and the Middle East conflict, and Yelp expects pressure to continue in the second quarter while maintaining full-year guidance.
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