Reuters: Global Markets: Groupon slashes 4th quarter results, shares dive

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Groupon slashes 4th quarter results, shares dive Mar 30th 2012, 21:07 Tweet Share this Email Print Related News Fourth quarter income trends up, boost for spending Thu, Mar 29 2012 AMC Networks 4th-quarter profit misses, shares fall Thu, Mar 15 2012 Related Topics Hot Stocks » Asian Markets » People enter and leave Groupon Inc corporate office and headquarters in Chicago, Illinois, November 4, 2011. Credit: Reuters/Frank Polich Fri Mar 30, 2012 5:10pm EDT (Reuters) - Groupon Inc (GRPN.O) pared back revenue and net income for the fourth quarter, blaming higher refunds on deals for the sharp downward revision in its previously reported numbers. The company's shares plunged more than 10 percent in afterhours trading. The largest daily deals company said net income for the fourth quarter was reduced by $22.6 million, while revenue was $14.3 million lower. "The revisions are primarily related to an increase to the company's refund reserve accrual to reflect a shift in the company's fourth quarter deal mix and higher price point offers, which have higher refund rates," it said in statement. The company's shares were down to $16.59 in afterhours trading from a close of $18.38 on the Nasdaq. (Reporting by Edwin Chan; editing by Andre Grenon) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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