Groupon reported disappointing earnings for the third quarter, and shareholders soundly punished the company as a result. It posted a net loss of $3 million, compared with $54.2 million in the same quarter in 2011. Third-quarter revenue clocked in at $568.6 million, compared with $430.2 million a year earlier. However, analysts had expected revenue of $590 million. The company also announced the layoff of 80 employees, mostly in sales, as a result of automating more of its sales processes.
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Groupon Loses Its Grip
Posted by: Erika Morphy November 12, 2012 11:10 AMGroupon reported disappointing earnings for the third quarter, and shareholders soundly punished the company as a result. It posted a net loss of $3 million, compared with $54.2 million in the same quarter in 2011. Third-quarter revenue clocked in at $568.6 million, compared with $430.2 million a year earlier. However, analysts had expected revenue of $590 million. The company also announced the layoff of 80 employees, mostly in sales, as a result of automating more of its sales processes.