Yelp Inc. (YELP  ) shares are down after the company reported its fourth-quarter financial results after the bell Thursday.

Here's a look at the details:

The Details: Yelp reported quarterly earnings of 37 cents per share which missed the analyst consensus estimate of 38 cents by 2.63%.

The company reported quarterly sales of $342.38 million, beating the analyst consensus estimate of $341.32 million by 0.31% and representing a 10.76% increase over sales of $309.1 million from the same period last year.

Yelp also announced its board of directors authorized a $500 million increase to its share repurchase program.

"Yelp delivered one of our strongest financial performances ever in 2023," said Jeremy Stoppelman, Yelp CEO. "We grew net revenue to a new high and nearly tripled our net income year over year. We also rolled out nearly 60 new product features and updates in the last 12 months."

Stoppelman added: "Looking ahead, we're increasing our focus on our Services categories in 2024 as we execute on a robust product roadmap to build Yelp into the best place for consumers to connect with trusted service pros and drive more quality leads to advertisers."

Outlook: Yelp expects full-year 2024 net revenue to be in the range of $1.42 billion to $1.44 billion as its Services initiatives gain traction. The company also expects 2024 adjusted EBITDA will be in the range of $315 million to $335 million.

YELP Price Action: According to Benzinga Pro, Yelp shares are trading down 8.76% after-hours at $40.50 at the time of publication Thursday.