If you wonder whether things can get worse for former daily deal wunderkind Groupon, the company today answered with a resounding: “Yes!”
Groupon released earnings for the third quarter, and Wall Street is just a tad disappointed with the Chicago-based daily deals site. By “just a tad,” we mean, well, furious. That anger is driving down Groupon’s stock by 12.76 cents in after-hours trading to $3.42. Groupon had closed Thursday up 4.26% or $0.16 to $3.92 in regular trading. But any optimism that signaled quickly vanished.
Groupon posted a loss of $2.98 million on revenue of $568.6 million for the quarter. Analysts had expected earnings of 3 cents per share and revenue of $590.1 million. The silver lining: Revenue was up from the $430.2 million posted in the same period last year.