{"id":82825,"date":"2023-11-10T00:24:59","date_gmt":"2023-11-10T05:24:59","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/groupons-stock-craters-after-earnings-as-ceo-says-business-continues-to-be-challenged\/"},"modified":"2023-11-10T00:25:03","modified_gmt":"2023-11-10T05:25:03","slug":"groupons-stock-craters-after-earnings-as-ceo-says-business-continues-to-be-challenged","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82825","title":{"rendered":"Groupon\u2019s stock craters after earnings as CEO says business \u2018continues to be challenged\u2019"},"content":{"rendered":"
\n

Groupon Inc. shares tumbled more than 35% in Thursday\u2019s extended session after the discounting marketplace announced a new rights offering and acknowledged \u201cchallenged\u201d business conditions.<\/p>\n

The company said in a Thursday afternoon release that its board approved an $80 million fully backstopped rights offering to all holders of its common stock. The rights offering will occur through the distribution of nontransferable subscription rights to purchase common stock at a price of $11.30 a share. <\/p>\n

\n

Groupon
\n GRPN,
\n -2.73%<\/bg-quote>
\n also posted third-quarter results, showing revenue down to $126.5 million from $144.4 million a year prior and slightly below the $129.7 million FactSet consensus, which is based on estimates from three analysts. <\/p>\n

The company logged a net loss of $41.4 million, or $1.31 a share, compared with a loss of $56.2 million, or $1.86 a share, in the year-earlier period. <\/p>\n

\u201cWe are turning our focus to delivering projects across product, engineering, sales, marketing and revenue management that we expect will reinvigorate our marketplace and position our business to return to growth,\u201d interim CEO Dusan Senkypl said in a release. <\/p>\n

Added Senkypl: \u201cWhile we did not make as much progress on key projects as I expected and our business continues to be challenged,\u00a0I am pleased to see sequential improvement in our financial performance, Local Billings return to growth, and our plan to strengthen our liquidity position.\u201d<\/p>\n

In addition, co-founder Eric Lefkofsky plans to leave Groupon\u2019s board of directors, according to Thursday\u2019s release. \u201cWith a new management team and the announcement of today\u2019s financing strategy, I am confident that Groupon is on the right track to become the ultimate destination for experiences and services,\u201d Lefkofsky said.<\/p>\n

Groupon\u2019s stock is up 58% so far this year but off 97% from its 2011 all-time high.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Groupon Inc. shares tumbled more than 35% in Thursday\u2019s extended session after the discounting marketplace announced a new rights offering and acknowledged \u201cchallenged\u201d business conditions. The company said in a Thursday afternoon release that its board approved an $80 million fully backstopped rights offering to all holders of its common stock. The rights offering will […]<\/p>\n","protected":false},"author":1,"featured_media":82826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82825","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nGroupon\u2019s stock craters after earnings as CEO says business \u2018continues to be challenged\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Groupon Inc. shares tumbled more than 35% in Thursday\u2019s extended session after the discounting marketplace announced a new rights offering and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=82825\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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