According to reports, on Tuesday, Yelp shares dropped as much as 15% in after-hours trading following the company slashed its outlook for full-year earnings. The company said in its second-quarter results that it estimates that net revenues should be between $544 million and $550 million that would be 54% higher year after year.

It is expected that adjusted earnings would be between $72 million and $78 million. As per reports, the business ratings and reviews platforms slashed its outlook "based on slower sales headcount growth and the elimination of its brand advertising product".

According to Bloomberg, when it comes to most recent performance, the company reported revenues of $133.9 million, prior to the consensus estimation for $133.5 million. A loss of 2 cents was posted by Yelp, which is worse than
1 cent estimate. As per reports, adjusted earnings per share reached $0.12, opposed to the estimate for $0.16.

According to Yelp, for the first time, mobile unique visitors to the site went beyond desktop unique; it increased 22% year-over-year, and averaged 83 million per month. According to CEO Jeremy Stoppelman, "Consumers are increasingly turning to apps when using their mobile phones, and we are excited about the growth we've seen in app usage which accelerated to 51% year over year".

Earlier, it was reported by Bloomberg that Yelp was not thinking of selling itself after it was approached by a number of companies. Reports say that Yelp shares decreased 39% year-to-date, and 51% over the past few months.