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Shares of Yelp tanked more than 25 percent Thursday after the company announced its third quarter earnings report.
The company reported revenue of $241 million for the quarter, just shy of analyst projections of $245 million. It also adjusted fourth quarter revenue guidance due to slower new account growth.
“We do not believe there was a single or predominant factor that led to the shortfall relative to our expectations, but rather a combination of smaller operational factors that negatively affected productivity,” the company said in its shareholder letter. “These issues crystallized in the second half of the third quarter, having an earlier and more concentrated effect on our results under our new local sales model than would have been the case prior to our transition to non-term contracts.”
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