Groupon Posts a Net Loss in Q3 2012, Lays off 80 Employees
Groupon reported a net loss of $3 million, or zero cents per share, in the third quarter. While this marked an improvement from its net loss of $54.2 million in the same quarter last year, shares of GRPN plummeted in after-hours trading, as the company was expected to post revenue of $590 million, or 3 cents per share. Groupon’s revenue rose 32 percent year-over-year to $568.6 million, while gross billings rose 5 percent to $1.22 billion. However, the daily-deals company said continued weakness in Europe offset its strength in North America. Earlier in the day, Groupon announced that it is laying off approximately 80 employees on its sales team. The company said this was part of its effort to use “technology to increase productivity through automation.” (Chicago Tribune, CNBC)
