Accessories Amazon Asda Christmas Expansion & Franchise Fashion HR News High Street John Lewis London Marks & Spencer Media News Results Retail Retail and Consumer Industry Retail news Sainsbury's Store Tesco UK brand china consumer deal deals and rumours department department stores e-commerce electricals expansion fashion news food grocer group launch luxury morrisons my online online retail people profit property retail property retailer sale sales supermarket waitrose
Groupon shares fall as Q2 revenue growth slows Tuesday, 14th August 2012
Shares in Groupon have shed almost a fifth of their value after second-quarter revenues failed to meet analysts’ expectations.
Revenue growth has slowed significantly as the unfavourable economic climate in Europe continues to impact on business.
“We had a solid quarter despite challenges in Europe and continued investment in technology and infrastructure,” said Andrew Mason, CEO of Groupon. “We’ve deepened our relationships with a growing base of merchants and customers worldwide, demonstrating progress as we work to unlock the opportunity in local commerce.”
The company reported revenues of USD 568 million, far below Wall Street’s expected USD 575 million.
Revenues were up 45 per cent year-on-year in the second quarter, down from growth of 89 per cent in the first three months of 2012. Groupon has warned that revenue growth for the third quarter could dip as low as 35 per cent.