CNBC:
Yelp cratered as much as 32 percent Friday, a day after releasing third-quarter earnings that revealed advertisers are abandoning the site and denting revenue.
Shares fell as low as $29.33, a new 52-week low, before paring some losses to close nearly 27 percent down at $31.92. The plunge makes for the stock's worst day of trading since going public in 2012.
Yelp added zero net new advertising customers during the quarter. Yelp earlier this year switched from long-term advertising contracts in local markets to more flexible, nonterm contracts. That change resulted in significant contract cancellations.
The change in contract terms was cited as the reason for the decline.
(Score: 5, Insightful) by Rosco P. Coltrane on Saturday November 10 2018, @07:36AM (2 children)
I'll raise a glass to any hurt that comes an internet advertiser's way.
(Score: 1, Touché) by Anonymous Coward on Saturday November 10 2018, @12:41PM
Cheers!
(Score: 2) by urza9814 on Monday November 12 2018, @01:08PM
Sounds like a bunch of advertisers got to cancel their contracts early, and thereby save a bunch of money that they apparently thought wasn't doing any good being spent at Yelp. So yes, one advertiser (Yelp) is hurting, but a bunch more just got a win...