Groupon stock hits new low
A sign marks the location of the Groupon headquarters on Nov. 30, 2010 in Chicago, Ill. / Scott Olson/Getty Images
(CBS/AP) SAN FRANCISCO - Groupon Inc.'s (GRPN) stock fell to a new low, days after the online deals company issued a disappointing earnings report.
Groupon fell 32 cents, or 6 percent, to close on Thursday at $5 per share. Earlier it hit $4.97, its lowest level since its initial public offering in November. The stock's price has lost 75 percent of its value.
On Monday, Groupon reported its first-ever quarter-to-quarter decline in gross billings. That's a closely watched number because it measures how much money is collected from merchants.
The number of active customers grew just 3 percent from the first quarter. The average spending per customer over the past 12 months was $165. That's down from $179 in the first quarter.
Benchmark analyst Clayton Moran downgraded Groupon's stock Tuesday. He called the results "discouraging."
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