Yelp skids 10% amid sale halt reports

Yelp shares slipped on Thursday afternoon amid reports the company's sale process had stalled.

Following a trading halt around 12:50 p.m. ET, the stock fell after it reopened approximately 10 minutes later. It closed the day about 10 percent lower.

The online review company has, for the moment, decided not to pursue a sale after previously hiring Goldman Sachs to find a buyer, Bloomberg reported Thursday, citing sources. Yelp has received interest from potential suitors but will hold off on a sale for the "immediate future," according to the report.

The company could seek a takeover again if co-founder and CEO Jeremy Stoppelman changes his mind, sources told the outlet.

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Yelp told CNBC it does not comment on rumors or speculation.

Before its stock plunged on Thursday, Yelp had a market capitalization of about $3.1 billion. With the battering, Yelp shares have fallen more than 20 percent in the last month.

Yelp would consider a takeover that would help it ramp up purchases made by reviewers, according to Bloomberg. Increasing the likelihood of a direct sale on the site would allow the company to charge advertisers more.