Groupon Inc reported second-quarter revenue that missed Wall Street expectations on Monday, sending shares of the world’s largest daily deal website down 12 percent.<\/p>\n
Revenue was $568.3 million, compared with $392.6 million in the second quarter of 2011, the Chicago-based company said.<\/p>\n
Wall Street expected Groupon to report revenue of $573 million, according to Thomson Reuters I\/B\/E\/S.<\/p>\n
Earlier this year, Groupon forecast second-quarter revenue of $550 million to $590 million.<\/p>\n
Groupon shares fell to $6.62 in after-hours trading. The stock is down about 60 percent so far this year.<\/p>\n
“Revenue was at the lower end of where they guided,” said Herman Leung, an analyst at Susquehanna Financial Group.<\/p>\n
Groupon’s profit forecast was weaker than expected, Leung added.<\/p>\n
Groupon said third-quarter income from operations would be $45 million to $65 million, excluding stock-based compensation costs. Wall Street was looking for profit of about $70 million to $80 million on that basis, Leung noted.<\/p>\n
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