Yelp shares pop 8 pct as earnings beat

Yelp shares popped 8 percent in extended trading after the business-review company easily beat quarterly earnings expectations.

The company reported first-quarter adjusted earnings of 8 cents per share on $158.6 million in revenue. Earnings dipped slightly from 10 cents per share in the prior-year period, while sales rose about 34 percent from $118.5 million.

Wall Street expected Yelp to post a loss of 16 cents per share on $156 million in revenue.

"We had a great start to the year with local revenue growth accelerating to 40 percent year over year," said Yelp CEO Jeremy Stoppelman, in a statement.

The results come after Greenlight Capital's David Einhorn told investors earlier this week that he invested in the company.