SAN FRANCISCO – Shares of Yelp Inc. dropped 14 percent in extended trading Wednesday after the online business reviews site reported a loss of $1.3 million in its first quarter and gave a lower-than-expected revenue outlook.
Yelp said the average monthly desktop unique visitors fell 3 percent to 80 million as more users browsed on smartphones and tablets. Average monthly mobile unique visitors rose 29 percent to 79 million.
On a per-share basis, the San Francisco-based company lost 2 cents. Analysts surveyed by Zacks Investment Research forecast breakeven earnings per share, on average. Excluding stock option expense income totaled 10 cents per share.
The online business reviews company posted revenue of $118.5 million in the period, falling short of Street forecasts. Seventeen analysts surveyed by Zacks expected $119.4 million.
For the current quarter ending in June, Yelp said it expects revenue in the range of $131 million to $134 million. Analysts surveyed by Zacks had expected revenue of $136.8 million.
The company expects full-year revenue in the range of $574 million to $579 million. Analysts expect $578.8 million, according to FactSet.
Yelp shares have dropped slightly more than 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $51.28, a drop of 13 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on YELP at http://www.zacks.com/ap/YELP
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