By Alistair Barr (Reuters) – 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.
Revenue was $568.3 million, compared with $392.6 million in the second quarter of 2011, the Chicago-based company said.
Wall Street expected Groupon to report revenue of $573 million, according to Thomson Reuters I/B/E/S.
Earlier this year, Groupon forecast second-quarter revenue of $550 million to $590 million.
Groupon shares fell to $6.62 in after-hours trading. The stock is down about 60 percent so far this year.
“Revenue was at the lower end of where they guided,” said Herman Leung, an analyst at Susquehanna Financial Group.
Groupon’s profit forecast was weaker than expected, Leung added.
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.
(Reporting By Alistair Barr; Editing by Bernard Orr)