Yelp shares get hammered as investors pan third quarter performance

Yelp shares plunged 28 percent in after-hours trading Thursday, following a weaker than expected third quarter earnings announcement and a lowering of its 2018 revenue projections.

The online review site plummeted to $31.25 a share from its close of $43.50 a share during the regular trading session.

Yelp took a hit from local merchants reluctant to sign up during the quarter, resulting in revenue of $241 million for the three-month period that just ended. That performance was $1 million below the…