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Expand chart
Data: Investing.com; Chart: Axios Visuals

Yelp posted solid earnings for the first quarter but its forward guidance was unimpressive and led to a rout in its stock price to end last week, erasing all of its 2019 gains.

Details: The company said it anticipates revenue will rise 4%–6% year over year, short of the roughly 6.6% increase investors were expecting. It's also not on pace for the 8%–10% annual increase Yelp predicted in its full year guidance and well short of the mid-teens percentage growth Yelp pegged for 2019-2023.

  • Having been a public company since 2012, investors are growing impatient with Yelp's inability to break into the mainstream and grab major chunks of online advertising revenue.

What they're saying:

  • Research firm B. Riley downgraded the stock from Buy to Neutral after the earnings report.
  • Morgan Stanley, saying there are "not enough customers," reiterated its underweight position.
  • UBS called the company "a work in progress" and maintained a less constructive outlook.
  • In January, SQN Investors, a major shareholder, urged Yelp to shake up its board of directors, saying their patience had "worn out."

The kind of people who use Yelp are more likely than the average consumer to be influenced by online advertising, research firm Civic Science notes.

  • "That means, if Yelp's ad business grows to any measurable scale, they should be able to demonstrate superior effectiveness compared to other platforms," John Dick, the firm's founder and CEO said in a note to clients.

The bottom line: However, the firm also notes in a recent post that Yelp is falling short. "Only 1/3 of Yelp fans say online advertising (in general) guides decisions. When looking at favorability among business owners- more than1/4 have a negative opinion of Yelp."

Go deeper: Yelp's new economic indicator shows a slowdown

Go deeper

47 mins ago - Sports

China pulls Celtics games after Enes Kanter criticizes Xi Jinping

Celtics center Enes Kanter. Photo: Jim Michaud/MediaNews Group/Boston Herald via Getty Images

China will no longer stream Boston Celtics games after center Enes Kanter called Chinese President Xi Jinping a "brutal dictator" in a social media post over the Chinese government's repressive policies in Tibet, according to the New York Times.

Why it matters: Kanter's criticism of Beijing has sparked another round of trouble for the NBA in China, one of its largest and most restrictive markets.

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Trump's new venture could be peak SPAC

Illustration: Sarah Grillo/Axios

Former President Trump last night announced plans to launch a digital media network called "Truth Social," and said it would go public via a SPAC called Digital World Acquisition (Nasdaq: DWAC).

What to know: So far, this is a joke. The press release didn't contain even basic information, such as the new company's CEO. In fact, the only execs mentioned are Trump (as chairman) and veteran TV producer Scott St. John as head of a subscription streaming service.

Ben Geman, author of Generate
2 hours ago - Economy & Business

Tesla is outrunning the supply chain crunch

Expand chart
Data: FactSet and company release; Chart: Will Chase/Axios

Tesla, citing a "structural shift" in demand for electric vehicles, reported its highest-ever quarterly profit of $1.6 billion and $13.8 billion in revenues despite supply chain problems.

The big picture: The company's third-quarter report says the chip shortage, port congestion and other woes have affected its factories but argues that "flexibility" and "ingenuity" are a counterweight.