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Groupon's stock craters as CEO says business 'continues to be challenged'

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Company announces $80 million rights offering

Groupon Inc. shares tumbled more than 35% in Thursday’s extended session after the discounting marketplace announced a new rights offering and acknowledged “challenged” business conditions.

Groupon GRPN, -2.73% also posted third-quarter results, showing revenue down to $126.5 million from $144.4 million a year prior and slightly below the $129.7 million FactSet consensus, which is based on estimates from three analysts. “We are turning our focus to delivering projects across product, engineering, sales, marketing and revenue management that we expect will reinvigorate our marketplace and position our business to return to growth,” interim CEO Dusan Senkypl said in a release.

 

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