Groupon Inc. GRPN, -11.99% shares fell 14% in the extended session Tuesday after the Chicago-based company missed fourth-quarter profit expectations. Groupon said it earned $46.2 million, or 8 cents a share, in the quarter, compared with $47.7 million, or 8 cents a share, in the fourth quarter of 2017. Adjusted for one-time items, Groupon earned $60.0 million, or 10 cents a share, compared with $41.7 million, or 7 cents a share, a year ago. Revenue fell 8% to $799.9 million, which the company pinned on “lower customer traffic and our continued focus on revenue generation that maximizes long-term gross profit.” Analysts polled by FactSet had expected Groupon to earn an adjusted profit of 13 cents a share on sales of $783 million. Groupon shares ended the regular trading day up 5.6%. “Despite a challenging operating environment, I’m pleased with the progress we made on our strategic initiatives,” Groupon Chief Executive Rich Williams said in a statement.
Groupon Inc. shares were trading at $3.50 per share on Wednesday afternoon, down $0.46 (-11.62%). Year-to-date, GRPN has gained 9.38%, versus a 10.04% rise in the benchmark S&P 500 index during the same period.
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