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Groupon's first earnings report shows smaller loss
Feb 9, 2012, 0:29 GMT
New York - Online deals site Groupon posted a loss Wednesday in its first earnings report since going public in November.
The Chicago-based company said it lost 42.7 million dollars in the quarter, compared to a loss of 378 million dollars in the same period a year ago. Sales increased 194 per cent to 506 million dollars.
The company offers members discount coupons from participating businesses, and its IPO in November was one of the most hotly anticipated of the year.
Following Wednesday's report, the company's shares dropped 14 per cent and now hover just above their IPO price of 20 dollars.
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