Why Groupon Stock Plunged This Morning but Has Since Recovered
Shares of Groupon (NASDAQ: GRPN) plunged by as much as 14% this morning after the company released third-quarter earnings. The stock has since recovered and closed down less than 1%.
Revenue in the third quarter came in at $304 million, which was shy of the consensus estimate of $310.2 million. That resulted in adjusted net income of $4.5 million, or $0.15 per share, which was significantly better than the $0.55 per share in adjusted net losses that Wall Street was modeling for. The e-commerce technology company continues to make progress on its previously announced efforts to transition parts of its business to a third-party marketplace model.
Image source: Groupon.
Source Fool.com
