(By Balachander) Groupon Inc. (NASDAQ: GRPN) posted weaker-than-expected quarterly revenue amid continued challenges in Europe, and shares of the daily deal website tumbled 14.29 percent in extended trading on Thursday.
Net loss was $3.0 million or $0.00 per share for the third quarter, compared with a loss of $54.2 million or $0.18 per share in the comparable period of last year.
Revenue rose 32 percent to $569 million. North America revenue jumped 80.5 percent.
Wall Street analysts, on average, expected GRPN to earn 3 cents a share on revenue of $590 million.
Gross billings, which reflects the total dollar value of customer purchases of goods and services, increased 5 percent. North America gross billings rose 38 percent, while International gross billings fell 12 percent.
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Total cost of revenue more than doubled to $182 million from $68 million.
"Our solid performance in North America was offset by continued challenges in Europe," commented CEO Andrew Mason.
Looking ahead for the fourth quarter, the company projects income from operations between $0 million and $20 million on revenue between $625 million and $675 million, while analysts expect revenue of $633.9 million.
The stock, which has been trading in the 52-week range of $3.68 to $26.90, closed at $3.92 on Thursday.