Yelp (NYSE: YELP) reported Q3 EPS of $0.17, $0.07 better than the analyst estimate of $0.10. Revenue for the quarter came in at $241.1 million versus the consensus estimate of $245.35 million.

“Although we achieved our adjusted EBITDA outlook for the third quarter, revenue was lower than we anticipated,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “While the shift to non-term advertising has opened our sales funnel, it has also made our results more sensitive to short-term operational issues. We have begun to address a number of the issues that impacted our third quarter results; however, we expect them to affect our fourth quarter results as well, as reflected in our Business Outlook. We remain positive about the move to more flexible and dynamic advertising terms, as we believe the shift greatly increases our long-term sales opportunity and opens up additional levers to expand Yelp’s sales reach and profit margins.”

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