Groupon hit as revenue disappoints

City A.M. Reporter
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.