Sat, Mar 02, 2013 - Page 15 News List

Groupon lays off chief, Mason admits missing expectations in candid memo

Reuters, SAN FRANCISCO

The company’s stock closed 24 percent lower on Thursday after the daily deals company posted a surprise quarterly loss on Wednesday, partly because it took a smaller cut of revenue from merchants offering holiday season discounts.

Groupon shares rose as much as 8 percent in after-hours trade, from a close of US$4.53 on the NASDAQ. However, later in the evening session the stock was up 4.2 percent at US$4.72.

It has lost three quarters of its value since its November 2011 initial public offering at US$20.

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