Groupon shares take fresh hit as new CEO outlines strategy
Group posted US$27.6m quarterly loss; to invest in customer acquisition, streamline global ops
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TAKE another discount on the stock price: Groupon fell hard on Wednesday as the company's new chief executive laid out his strategy in the face of weakening sales.
In midday trade, the daily deals group Groupon traded down 27 per cent at US$2.93 - after already tumbling some 75 per cent over the past two years, Groupon on Tuesday named Rich Williams as its new CEO, replacing co-founder Eric Lefkofsky, as the company reported a loss of US$27.6 million in the past quarter and offered a weak outlook for the next three months.
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