Yelp shares swung in a wide range after it posted an upbeat current-quarter sales outlook hours before the reviewing site was expected to publish results.
The San Francisco-based company that provides reviews of restaurants said it sees current-quarter sales of $154m to $157m, compared to analyst forecasts of $154.1m.
That prompted shares, that were down as much as 13.4 per cent ahead of the announcement, to briefly turn positive.
The news came alongside a net loss of $22.2m in the fourth quarter, from a profit of $32.7m in the same period in 2014. On an adjusted basis, profits came in at 11 cents a share, missing Wall Street estimates by a penny.
Sales, meanwhile, jumped 40 per cent on a year-on-year basis to $153.7m, topping Street views of $152.4m.
“We are pleased with the progress we made on the key initiatives we set at the beginning of 2015,” said Jeremy Stoppelman, Yelp’s chief executive officer.
Yelp also said chief financial officer Rob Krolik plans to step down and that it plans to begin a search for a new CFO. Shares are still down 36.1 per cent for the year.
The company, which was slated to report earnings after the closing bell, said the early release was “caused by a vendor error by PR Newswire,” a service that disseminates press releases.
Dave Haapaoja, a PR Newswire executive, said the issue was caused by a “coding error” on its end, and that it is “implementing the steps to make sure that this error does not recur.”