Yelp Inc YELP shares plummeted following its first-quarter earnings release.

Revenues actually increased 24 percent year-over-year in the quarter.

• Yelp reported Q1 EPS of $(0.06), beating estimates by $0.02
• Sales came in at $197.3 million, missing estimates by $700,000
• Sees Q2. Adj. EBITDA of $32M-$35M, Sales of $202M-$206M vs $215M estimate
• Sees FY17 Adj. EBITDA of $130M-$145M, Sales of $850M-$865M vs $889.5M estimate

“We had a solid first quarter, growing revenue by 24% and accelerating traffic growth across the app, desktop and mobile website,” CEO Jeremy Stoppelman said. “In addition, engagement per unique visitor continues to grow, accelerating on the app where we derive the majority of our activity. Our recent acquisitions of Nowait and Turnstyle introduce more ways for consumers to interact through Yelp, while also enhancing our ability to deliver value to business owners.”

Shares of Yelp were down nearly 28 percent at $25.05 in the after-hours session.

Image credit: Nan Palmero, Flickr