NEW YORK (TheStreet) -- Shares of Yelp Inc.
(YELP) are lower by -5.62% to $71.35 in pre-market trading after posting second quarter earnings that fell short of analyst forecasts in business accounts growth, despite beating consensus estimates in earnings and revenue, Bloomberg reports.
Analysts at Raymond James (RJF) said the growth in active local business accounts increased about 5,900 sequentially, lower than the expected 7,700 merchant heads, Bloomberg said.
The firm downgraded Yelp this morning to "market perform" from "outperform", citing balanced risk/reward ratio.
Must Read: Warren Buffett's 25 Favorite Stocks
The consumer review company reported net income of $2.7 million, or 4 cents per share, in the second quarter, compared with a loss of -$878,000, or -1 cent per share, a year earlier.
Revenue for the second quarter rose 61.4 percent to $88.8 million from one year ago, beating the consensus estimate of a loss of -3 cents per share on $86.3 million.
YELP data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts