Groupon falls as co swings to Q4 loss

Groupon

17/03/2023 11:33

** Shares of daily deals platform Groupon Inc  GRPN.O  down
6.3% at $4.59 premarket
    ** Co reports Q4 adj. net loss per share of $0.38 compared
with $0.18 profit a year earlier
    ** Rev slumps 34% to $148.2 mln vs $217.0 mln a year
earlier, hurt by macroeconomic headwinds 
    ** Co withdraws previously issued full-year free cash flow
and adj. EBITDA margin forecast citing turnaround strategy and
an uncertain macroeconomic environment
    ** Co to cut 500 positions globally by the end of Q2 2023 
    ** Cost-cutting measures likely to help co reduce annual
costs by $250 mln
    ** GRPN fell ~42.89% YTD

 (Reporting by Anandita Mehrotra in Bengaluru)
 ((Anandita.Mehrotra@thomsonreuters.com))