Yelp Drops 6% Despite Posting Better-Than-Expected Q1 Revenue Of $76.4M, EPS Of -$0.04 [Update: Now +5%]

Update: After falling as far as 8%, Yelp has recovered to a net percentage gain in after-hours trading. Investors apparently can’t quite decide how they feel.

Update 2: Investors are having a fight, so check here for the latest on where Yelp’s stock price has swung to. 

After the closing of regular trading today, Yelp reported its first quarter financial performance, including revenue of $76.4 million, and earnings per share of -$0.04. The market had expected the company to lose $0.06 on revenue of $75.06 million.

Its first-quarter revenue figure is up 66% year-over-year.

In regular trading Yelp bucked an up market, losing just under 1%. In after-hours trading, following its earnings miss, Yelp is down around 6%. Yelp expects to have around $85 million in revenue for the current quarter, in line with expectations. It isn’t immediately clear what is causing Yelp to drop so quickly in after-hours trading.

Yelp also raised its full-year revenue guidance to between $363 million and $367 million.

In the current quarter, Yelp landed a new deal with Yahoo to provide its data to the latter’s search products.

For the quarter, Yelp had a net loss of $2.6 million, and ended the period with just under $400 million in cash and equivalents. In the year-ago period, Yelp lost $4.8 million, or $0.08 per share.

The company’s CEO, Jeremy Stoppelman, was predictably enthusiastic regarding the quarter, calling it “a great start to the year.” Regardless of when investors make up their minds, it appears that Yelp did have a solid quarter, with better-than-expected top line, upward guidance, and a narrower-than-expected loss.