Groupon plunges on worse-than-feared Q3 loss

Groupon

07/11/2022 21:35

** Shares of daily deals platform Groupon Inc  GRPN.O  fall
10% to $6.34 in extended trading
    ** The company posted net loss of ~$56 million, or $1.86 a
share, for the three months ended Sept. 30, compared with a
profit of $78 million, or $2.36 a share, from a year ago
    ** Analysts had estimated a loss of 53 cents a share,
according to data from Refinitiv
    ** The company also plans to cut costs by $150 million
annually and expects to hit this target by the end of 2023
    ** Revenue fell by a third to $144 million in the third
quarter
    ** Stock down ~70% YTD
 (Reporting by Mehnaz Yasmin in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))