Groupon shares nosedive after earnings miss
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NEW YORK Groupon (GRPN) shares plunged in after-hours trading after the company posted a net loss and weak forecast.
The online deals company said on Wednesday that in the fourth quarter, it had revenue of $638.3 million and a net loss of $81.1 million, or 12 cents per share. Analysts had expected revenue of $640 million and earnings of 3 cents per share. For the fourth quarter of 2011, the company reported revenue of $492.2 million and a loss of $65.4 million, or 12 cents per share.
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Groupon expects that in the first quarter this year, the company will generate revenue between $560 million and $610 million.
"We will continue to invest in growth through 2013 as we see new opportunities to give our customers what they want," said Groupon CEO Andrew Mason in a statement on Wednesday.
The company's stock after hours fell $1.32, or 22 percent, to $4.66.
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