GROUPON’S quarterly results lagged expectations as the daily deal company’s European operations continued to struggle, wiping 17 per cent off its shares last night.
Groupon shares slid to a record low of $3.25 in after hours trading yesterday after closing at $3.92.
Revenue was $568.6m in the third quarter, compared with $430.2m in the third quarter of 2011.
Groupon reported a net loss of $3m, or zero cents per common share in the period, compared with a net loss of $54.2m, or 18 cents a share, in the third quarter of 2011.
Analysts had expected a profit of three cents a share.
Andrew Mason, chief executive of Groupon, said a “solid performance” in North America was offset by “continued challenges” in Europe.
City A.M. Reporter