SAN FRANCISCO (AP)--Restaurant reviews site Yelp Inc. posted a mixed bag of results Monday with higher revenue but lower profits than expected while saying its chief financial officer will step down.
The earnings release came out unexpectedly before the market close, which caused a modest spike in shares before they fell back down to about 12 percent below Friday's close.
The net loss in the fourth quarter through December came to $22.2 million, or 29 cents per share, compared to the 3 cents per share loss expected by analysts polled by FactSet. The company said $20.3 million of the loss was due to an income tax expense.
Revenue grew 40 percent to $153.7 million, ahead of the $152.3 million analysts expected.
The company said CFO Rob Krolik will step down at least by Dec. 15 or earlier if a replacement is found before then. Krolik joined the San Francisco company in 2011 when it was still privately held.
Yelp said it expects first-quarter revenue of $154 million to $157 million and full-year revenue of $685 million to $700 million. That represents year-over-year growth of about 31 percent and 26 percent, respectively. Analysts expect the company to post revenue of $154.3 million in the first quarter and $687.5 million for 2016.
In afternoon trading, shares traded at $15.90, down $2.20.