Sat, Mar 02, 2013 - Page 15 News List

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


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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