Groupon Inc (NASDAQ: GRPN) shares are falling after reporting a third-quarter earnings and sales miss.
Adjusted earnings came in at 1 cent per share, missing estimates by 2 cents. Sales came in at $495.7 million, far below the $525.4 million consensus estimate.
"In the third quarter, we continued to modernize our marketplace for our customers and focus on positioning Groupon as a leader in local commerce," Groupon CEO Rich Williams said. "We believe that the improvements we’re making to the customer experience together with new partnerships that expand the breadth and depth of our supply will encourage our customers to return to Groupon again and again to connect to the world around them."
- Gross profit of $278 million
- Adjusted EBITDA of $50 million
- North America active customers were 27.7 million
- International gross profit decreased 16%
Groupon shares are down 10% in Monday's after-hours trading session. The stock closed $3 a share.
Photo credit: Rusty Clark ~ 100K Photos, Flickr
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