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Yelp shares plunge, chairman steps down

Yelp, the crowed-sourced reviews site, has taken a big hit from shareholders after a review of its own.
Shares of the site toppled 28% Wednesday after it reported grim second-quarter earnings Tuesday and also announced that chairman Max Levchin is leaving.
Yelp reported a second-quarter loss of $1.3 million (two cents a share) compared to the $2.7 million (four cents a share) profit it registered for the same quarter a year ago, according to its earnings report released Tuesday.
Due to "lower sales headcount growth" and the elimination of its "brand-advertising product," or display advertising, the company said, it slashed revenue guidance from $544 million to $500 million for the year, which is down from prior guidance of $574 million to $579 million.
Meanwhile, the company announced that Levchin, co-founder of PayPal and an early investor in Yelp, has resigned from his position as chairman of the board of directors to pursue other interests, effective immediately.
The company's board has yet to appoint a new chairman, but plans to consider the issue at its September meeting.
"I am extremely proud of what Yelp has accomplished over the last 11 years and believe I leave it well-positioned to take advantage of the large local advertising market," Levchin said in a statement Tuesday.
Yelp, the digital version of word-of-mouth recommendations, posts reviews of local businesses ranging from boutiques to hair salons to restaurants. The company was founded in 2004, and has taken hold in major metro areas across 31 countries.

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