Groupon stock hits record low
By The Week Staff | August 17, 2012
The Groupon headquarters in Chicago: The daily deal site's revenue was reportedly down 30 percent in February and 32 percent in March.
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roupon shares continue to tumble. The online deals website released a disappointing quarterly earning report late Monday, and the company's stock has set a new record low every day since Tuesday. On Friday afternoon, shares hit $4.59, down more than 75 percent from its initial public offering price of $20 in November. The Chicago-based company "blamed the weak economy in Europe and unfavorable currency-exchange rates," reports the Associated Press, but analysts say customers are likely overwhelmed by the explosion of copycat online-deals services.
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