SAN FRANCISCO – Investors gave Yelp Inc. mixed reviews this week after the company announced its most recent earnings and launched a $251 million follow-on offering. Yelp turned to Cooley as counsel on the transaction.
The San Francisco-based company is offering nearly 3.8 million shares of Class A common stock at $67 per share. The company’s stock price has soared since its IPO last year; on Oct. 18 it closed at an all-time high of $74.89. For its third quarter earnings, the company beat revenue estimates, coming in at $61.2 million. But it failed to turn a profit, posting a $2.3 million net loss. Investors retreated from the stock on the earnings and follow-on announcements, but it has since rebounded.
