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18.02.2020 22:28:04

Groupon plans reverse-stock split, names new CFO

Groupon Inc. shares were down 25% in extended trading Tuesday after the online marketplace reported disappointing fourth-quarter revenue and said it planned to exit the Goods category so it can focus on the $1 trillion "local experiences" market. The company also named Melissa Thomas its chief financial officer, and said it plans to pursue a reverse-stock split to boost the price of its stock. Groupon reported net income of $77 million, or 13 cents a share, in the quarter, compared with net income of $46.2 million, or 8 cents a share, in the year-ago fourth quarter. Revenue plunged 23% to $612.3 million from $799.9 million a year ago. Analysts surveyed by FactSet had expected earnings of 12 cents a share on sales of $705 million. Groupon shares are down 13% over the last 12 months. The S&P 500 index has gained 21% ocer the past year.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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