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Yelp

Yelp stock slumps following premature release of disappointing earnings

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By John Glenday, Reporter

February 9, 2016 | 1 min read

Shares in restaurant recommendations service Yelp have taken a pummelling on Wall Street after its disappointing fourth quarter earnings were inadvertently leaked before the close of trade.

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A ‘rare’ coding error at PR Newswire saw the results leaked ahead of schedule, taking investors unawares, as they digested a net loss of $22.2m on earnings of $153.7m.

Adding to the sense of unease Yelp also revealed that its chief financial officer, Rob Krolik, would be stepping down, instigating an immediate hunt for a replacement although Krolik will remain in post until then.

Chief executive Jeremy Stoppelman remarked: “In 2016, our priorities are to continue to build our core local advertising business, further increase engagement and awareness and grow transactions.”

During a volatile session Yelp’s stock sank 10 per cent, prompting transactions in the firm to be halted for a while.

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