From The Chicago Tribune
Groupon Inc. posted a net loss in the third quarter, missing Wall Street expectations and prompting company executives to reassure investors that they are addressing problems in Europe.
The report, released after the market’s close, sent shares tumbling more than 15 percent in after-hours trading.
The Chicago-based daily deals company reported a net loss of $3 million, or zero cents per share, for the third quarter, narrowing a net loss of $54.2 million, or 18 cents per share, in the year-earlier period. Revenue rose 32 percent on the year, to $568.6 million. Gross billings, which are the total amount that Groupon collects before it pays merchants their share, totaled $1.22 billion in the third quarter, up 5 percent from the year-earlier period.
Groupon had been expected to post revenue of $590 million, according to Thomson Reuters I/B/E/S.