Groupon (NASDAQ:GRPN) stock is falling on Friday after the marketplace operator released its earnings report for the third quarter of 2023.
The bad news for GRPN stock investors comes from the company’s revenue of $126.47 million. That’s worse than the $126.69 million in revenue that Wall Street was expecting. It’s also down 12% year-over-year compared to $144.39 million the same time last year.
On the flip side of that, Groupon did report adjusted earnings per share of 12 cents for the quarter. This is just above the 11 cents per share that analysts were predicting. It’s also an improvement over the company’s adjusted EPS of -68 cents from the same period of the year prior.
Dusan Senkypl, interim CEO of Groupon, said the following in the earnings report:
“While we did not make as much progress on key projects as I expected and our business continues to be challenged, I am pleased to see sequential improvement in our financial performance, Local Billings returning to growth, and announce a plan to strengthen our liquidity position.”
Groupon Equity Plan
Groupon also announced an equity plan to raise its liquidity in its latest earnings report. The company intends to raise roughly $100 million through a fully backstopped equity rights offering and non-core asset sales.
GRPN stock is down 26.7% on Friday morning.
Investors looking for more of the most recent stock market stories are in luck!
We’ve got all of the latest happenings worth reading about on Friday! A few examples include what’s going on with shares of Marpai (NASDAQ:MRAI) and Tracon Pharmaceuticals (NASDAQ:TCON) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready to go down below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
