Yelp shares suspended in the US as results released early and the CFO quits

 
Billy Bambrough
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Global Markets Continue Last Week's Steep Decline
Shares in Yelp have been suspended following step sell offs after the company's fourth quarter earnings leaked (Source: Getty)

Shares of review site Yelp have been suspended in the US following the firms fourth quarter earnings being leaked.

The company told CNBC the results were released due to an error by PR Newswire.

They were expected after the market close.

Yelp reported a net loss of $22.2m in the fourth quarter, down from a profit of $32.7m in the same period a year earlier.

The company reported revenue of $153.7m, up almost 40 per cent year on year, and beating analyst estimates by $1.3m.

Yelp has forecast revenue in the first quarter of between $154m and $157m, ahead of analysts estimates of $154.4m. Full year revenue is expected to come in between $685m and $700m.

The firms share price had fallen by as much as 13 per cent before the announcement, swinging to back to posititive once the results were published.

Over the year shares in the company are down just over 36 per cent.

Chief financial officer Rob Krolik has said he will be stepping down and departing the company in the coming months.

Krolik said:

I am a strong believer in the power of Yelp to help consumers and local businesses alike, which is why it has been such a tremendous opportunity and privilege to serve as CFO. It’s been a rewarding experience taking Yelp public, diversifying our offerings through acquisitions, and seeing our team deliver significant and consistent revenue growth year after year. After almost five years with Yelp, I am ready to take some time off to spend more time with family, but expect us to seamlessly transition to a new chief financial officer in the meantime.