Yelp reports Q3 revenue of $241M, down from $245M projected, and weak Q4 guidance; stock down more than 28% after hours (CNBC)

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Shares of Yelp tanked more than 28 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.”

The company issued weak fourth quarter revenue guidance in the range of $239 million to $243 million. It predicts full year revenue to be $938 million to $942 million.

Last quarter’s earnings made shares skyrocket to its new 52-week high in August as it beat estimates and raised its full-year guidance. The stock is up 3.7 percent year-to-date from Thursday’s closing price.

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