Groupon Inc (NASDAQ:GRPN) stock was hit hard on Wednesday following the release of its earnings report for the first quarter of 2017.
Groupon Inc reported revenue of $673.63 million during its first quarter of the year. This is a drop from its revenue of $698.44 million that was reported in the first quarter of 2017. It also failed to reach Wall Street’s revenue estimate of $724.36 million for the quarter.
Earnings per share reported by Groupon Inc in the first quarter of 2017 was one penny. This is an increase over its losses per share of one penny that were reported during the same time last year. It also came in above analysts’ losses per share estimate of one penny for the first quarter of the year.
During the first quarter of the year, Groupon Inc reported $11.68 million in losses from operations. The online commerce company reported $47.33 million in losses from operations in the same period of the year prior.
Net loss reported by Groupon Inc in the first quarter of 2017 was $20.38 million. This is better than its net loss of $45.60 million that was reported during the first quarter of the previous year.
Groupon Inc also announced its outlook for the full year of 2017 in its most recent earnings report. It is expecting gross profit for the year to come in between $1.30 billion to $1.35 billion. It is also looking for Adjusted EBITDA to range from $200 million to $240 million in 2017.
GRPN stock was down 13% as of Wednesday morning, but is up 3% year-to-date.