Yelp (YELP) Said to Explore Potential Sale
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(Updated - May 7, 2015 1:10 PM EDT)
(Updated - May 7, 2015 1:00 PM EDT)
Yelp (NYSE: YELP) trading paused for volatility.
UPDATE - The company is said to be exploring at sale, according to Dow Jones Newswires.
UPDATE 2 - The company is said to have been in contact with potential buyers in recent weeks. Yelp has already start working with investment bankers.
Sources said that a deal isn't imminent and Yelp might ultimately decide not remain independent.
Peers Grubhub (NYSE: GRUB) and Groupon (Nasdaq: GRPN) are on watch following the news.
Yelp went public in 2012, but has traded down from all-time highs above $101 realized in early 2014.
With its most recent quarterly report, Yelp said average monthly unique visitors (desktop and mobile web) grew 8 percent year over year to approximately 142 million. That's down from 30 percent growth realized in the same period the prior year.
However, with its Q1 report, Yelp also said it was looking for Q2 revenue of $131 to $134 million and FY15 revenue of $574 to $579 million, both coming in below consensus estimates calling for revenue of $138.4 million and $579.2 million, respectively.
Shares of Yelp are up 12 percent.
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