Yelp Falls as Fourth-Quarter Forecast Miss Estimates
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Yelp Inc. shares dropped as much as 15 percent today after the local-reviews company forecast fourth-quarter sales that fell short of analysts’ estimates.
The stock declined to as low as $59.78 after the San Francisco-based company said in a statement yesterday that revenue would be $107 million to $108 million for the current period. That was below the $111 million estimated on average by analysts, according to data compiled by Bloomberg. Yelp shares closed yesterday at $70.23 in New York and were trading at $60.01 as of 9:37 a.m. today.