Yelp separately said Chief Financial Officer Rob Krolik is stepping down and will leave the company in coming months. Yelp will immediately begin search for a new CFO, the company said.
The company was slated to report after the closing bell Monday, but results were released early due to a coding error by vendor PR Newswire, the company said in a statement.
"This is an extremely rare occurrence — we successfully handle more than 350,000 releases a year," said Dave Haapaoja, PR Newswire's senior vice president of global operations, in a statement to CNBC. "In this case, we did not meet our high standards for customer service. We are now implementing the steps to make sure that this error does not recur."
Shares were halted on the news, and whipsawed as they reopened, closing down 11.27 percent.
What are the markets doing? Check here.