Yelp on Wednesday announced financial results for the first quarter (Q1) ended March 31, 2015. The company lost money for the first time in four quarters and the outlook for the remainder of 2015 is less than rosy as new user acquisition slows down. Average monthly unique visitors increased 8 percent to 143 million in Q1, but that is significantly down from 13 percent in the last quarter and 30 percent a year ago.

The company is also seeing a decline in visitors to its desktop site as more users access Internet services via their mobile phones. Average monthly mobile unique visitors grew 29 percent year over year to around 79 million and average monthly desktop unique visitors declined 3 percent year over year to around 80 million.

The local business ratings and reviews service reported a net loss in Q1 2015 of $1.3 million, or two cents per share, compared to a net loss of $2.6 million, or four cents per share, in Q1 2014.

Yelp reported earnings per share of 10 cents, which missed analyst consensus of 16 cents per share.

Yelp has reported a profit for the last three successive quarters after it made a profit as a public company for the first time in Q2 last year.

Revenue for Q1 increased 55 percent to $118.5 million, falling short of analyst estimates of $120 million.

Yelp achieved topline growth of 55% year over year, mostly thanks to growth in local advertising revenue which amounted to $98.6 million for the quarter. Local advertising accounts increased by 43 percent, to around 90,200.

“Looking to the rest of the year, we will continue to seek ways to increase engagement and drive awareness, while striving to demonstrate the value we can deliver to local businesses in order to capture the large local advertising market opportunity,” said CEO Jeremy Stoppelman in a statement.

Looking ahead at the second quarter of 2015, Yelp expects net revenue in the region of $131 million to $134 million, an increase over the second quarter of 2014 of around 49 percent.

Analysts estimate Yelp’s full year revenue for 2015 at $579 million and $106 million in earnings. Falling short of this, the company only expects full year revenue in the region of $574 million to $579 million and earnings of $102 million to $105 million.

Yelp recently acquired Eat24, an online food delivery service with more than 20,000 restaurants on its books, in an effort to increase user numbers and drive engagement.

The first quarter of 2015 saw six million reviews posted on Yelp. The site now has 77 million reviews in total.

Screenshot: SiliconANGLE via yelp.com