Groupon plummets to all-time low after earnings report |
| San Jose Mercury News - Aug 14, 2012 |
Groupon lost more than a quarter of its value as its shares sank to a record low on Tuesday, after dismal results drove more investors away from the once-red-hot company and raised questions about its main business.
The daily deals purveyor founded by quirky music graduate Andrew Mason, this year joined fellow recent dot-com debutantes such as Facebook and Zynga in shedding a massive chunk of its market value in past months.
Groupon hit $5.46 in afternoon trading, down 72 percent from its $20 November IPO price and losing almost $1.3 billion of value on Tuesday. The total value lost since its IPO is nearly $9.4 billion.
On Monday, the company blamed a flagging European business for sharply missing second-quarter revenue expectations.
Tuesday's Internet stock sell-off extended to Facebook and Yelp, which fell 4 percent to 6 percent. Angie's List, which provides consumer reviews of local services and businesses, fell 16 percent on the Nasdaq as a post-IPO lockup on its stock expired on Tuesday.
Read Full Article from San Jose Mercury News
- Posted: 2012-08-14 18:08:56
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