Groupon fails to fulfil hopes

Ben Southwood
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GROUPON’S share price tumbled 18 per cent in after hours trading last night after it reported worse than expected quarterly revenue growth.

Revenue was $568.3m (£362.5m) in the second quarter, up from $392.6m in the same period last year but below forecasts of $573m.

The Chicago-based firm posted net income of $28.4m, a big improvement on its $107.4m lossthis time last year. Chief financial officer Jason Child put the poor results down to Eurozone problems: “Europe really was the driver – [due to] macro headwinds and currency [crisis].”