Bloomberg News

Yelp Inc. (YELP - Get Report)  was down 2% to $37.67 on Thursday after the online review company posted fourth-quarter earnings of 37 cents a share, smashing estimates of 10 cents, and said it was replacing three board members.

Revenue in the quarter was $243.7 million, which also beat expectations of $241.1 million. Advertising revenue rose 12% to $235 million.

The company said paid advertising accounts in the quarter were 191,000, below expectations of 197,000. 

Yelp said its outlook for 2019 "contemplates net revenue growth of 8% to 10% with adjusted EBITDA margins increasing by two to three percentage points from 2018.

"We expect to exit 2019 with strong revenue growth and have set a target of a mid-teens compound annual revenue growth rate over the five-year period to 2023," Yelp said in a statement.

The company also announced it was replacing three board members after receiving pressure from large shareholder SQN Investors LP, a hedge fund.

George Hu, Sharon Rothstein and Brian Sharples will replace Geoff Donaker, Jeremy Levine, and Peter Fenton as board members, Yelp said. Hu serves as chief operating officer of Twilio Inc.

The company also announced after Wednesday's closing bell that it was doubling its buyback program to $500 million.