Groupon Sales Miss Estimates as Online Deal Demand Dims
This article is for subscribers only.
Groupon Inc. plunged to a record low after the largest daily-deal website reported second-quarter revenue that missed estimates as economic weakness in Europe curbed online coupon sales.
The shares retreated 27 percent to $5.51 at the close in New York, the biggest decline since the company’s initial public offering in November. The stock has lost 72 percent since the IPO, leaving the company with a market value of $3.6 billion -- less than the $6 billion buyout offer Groupon received from Google Inc. before it opted for an public market debut.