Groupon Stock Falls to New Low Following Earnings Miss

Groupon's stock tanked in after hours trading following the company's disappointing third-quarter earnings results. Shares dropped more than 15% to a new low of $3.30 in after-hours trading.

Groupon reported a net loss of $2.98 million, or zero cents a share, on revenue of $568.6 million for the quarter ending Sept. 30. Analysts were expecting earnings of 3 cents a share on revenue of $591 million.

Earlier in the day, the Chicago-based company announced that it was laying off 80 employees from its sales department -- a small fraction of its overall staff, which numbers above 10,000.

Groupon made headlines late last week when its share price fell below $4 a share for the…
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