Why Groupon Stock Slumped on Friday

Shares of Groupon (NASDAQ: GRPN) took a tumble on Friday after the company reported second-quarter earnings. The stock was actually up as much as 16.9% this morning but sold off heavily in afternoon trading. At the close, it was down 14.1% on the day.

Groupon reported earnings for the three months ending June 30. Adjusted earnings per share (EPS) came in at $0.33 for the quarter, which beat the consensus analyst estimate of $0.22 heading into the report. This earnings beat was the likely reason shares were soaring in pre-market and early trading on Friday.

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Source Fool.com