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Yelp Plunges 28% on 7 Downgrades; Unable to Retain Salespeople

2015-07-30 13:57:32| Apparel - Topix.net

Shares of local listings and reviews purveyor Yelp are down $9.27, or almost 28%, at $24.24, adding to last night's after-hours losses , after the company missed Q2 profit expectations by a penny per share, and forecast this quarter's results, and the full year, below consensus. The company told analysts the two proximate causes of its weak outlook were the phasing out of its display ad business, and also lower-than-expected hiring in its sales team .

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