Groupon sinks on downbeat Q3 revenue, capital raise plans

Groupon

09/11/2023 21:58

** Daily deals platform Groupon's  GRPN.O  shares slump ~27%
to $9.90 after market
    ** Company posts Q3 global revenues of $126.5 mln, down 12%
from a year earlier 
    ** Groupon announces plans to strengthen liquidity by
raising ~$100 mln through an $80 mln fully-backstopped equity
rights offering and non-core asset sales
    ** Global units sold in Q3 fell 18% to come in at 10.1
million
    ** Company's gross profit declined 12% in the quarter to
$110.7 mln  
    ** Separately, GRPN's co-founder Eric Lefkofsky also says he
will step down from the board, effective Nov. 9 
    ** As of last close, stock up ~57.5% YTD

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))