Groupon stock is getting clobbered after the online deals provider posted disappointing third-quarter financial results along with fourth-quarter guidance that came in below Wall Street’s estimates.
“Transforming a business like Groupon is not easy,” interim CEO Dušan Šenkypl, a principal in Pale Fire, said in a letter to shareholders. “With this financing plan along with the actions we have taken year to date to create an efficient cost structure, I feel confident that we will be able to provide clarity to all stakeholders—from customers, merchants, employees, suppliers and capital market participants—that Groupon has the liquidity it needs to support our transformation plan.
Adjusted profit were 12 cents a share, a penny above consensus estimates. Adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, was $18.2 million an improvement from a loss of $8.6 million in the year-ago quarter. Under generally accepted accounting principles, the company lost $41.4 million, or $1.31 a share.
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