Yelp's 2Q results, outlook disappoint as stock plunges
SAN FRANCISCO (AP) — Yelp is getting skewered by investors after the online business review service sank to a second-quarter loss and dimmed its outlook amid a slowdown in its digital advertising sales.
The developments announced Tuesday raised more doubts about Yelp's ability to survive on its own, although CEO Jeremy Stoppelman told analysts in a conference company that he "is building the company to operate independently over the long-term." He predicted Yelp could be generating $1 billion in annual revenue by 2017, more than doubling from a projected $545 million to $550 million this year.
Those words did little to assuage investors as Yelp's stock plummeted $5.61, or more than 16 percent, to $27.90 in extended trading.