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Technology

Groupon revises its Quarter4 earnings after stock falls to 8.5%

Groupon revises its Quarter4 earnings after stock falls to 8.5%

Groupon, a deal-of-the-day website that features discounted gift certificates usable at local or national companies and they have recently reported that it actually made $14.3 million less in revenue during the fourth quarter of 2011.

I think it is not a great news for Groupon and of-course it’s market’s stock is fall and we all know that about this and news is already reported by various media groups.

We have a statement from Tech Crunch regarding this new ” $492.2 million, compared to the previously stated $506.5 million. It also spent more in operating expenses than it previously said it did — resulting in its Q4 operating income and net income being $30 million and $22.6 million less, respectively, than the company initially said it was”.

And, In an interview with Bloomberg News Groupon’s Executive Chairman Eric Lefkofsky said the company is “going to be wildly profitable”.

Bloomberg mentioned that The changes announced yesterday are “are primarily related to an increase to the company’s refund reserve accrual,” leading to higher reimbursement rates, Groupon said.

Image Courtesy: Flickr

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Avinash Saxena is a blogger addicted to blogging and passionate to blog about latest technology, products and services.

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