Groupon Inc(NASDAQ:GRPN)’s shares are having one of the worst trading sessions after its IPO as the stock tumbled 29% to $2.80 after hitting another low of $2.77 as the company’s revenue in the third quarter shy of analysts’ estimate by about 4%. The company, which had been struggling since early January, said that it’s net loss narrowed to of $3 million and broke even a share on revenue of $568.6 million, compared to a year ago loss of $54.2 million and 18 cents a share. On an adjusted basis, it earned 3 cents, matching analysts’ target and missing revenue estimate of 590 million.
Should Investors Buy GRPN After Today’s fall? Let’s Find Out Here
The key concern during quarter was the street had already been expecting the worst case scenario amid the company’s stock tumbled 80% from its IPO price of $20.
Zipcar has reported strong results for the third quarter and said that it will make its first annual profits this year. This announcement sent the stock flying up 28 percent in extended trading.
The company earned a net income of $4.3 million or 10 cents a share which includes $1.7 million of zero emission vehicle tax credits. Last year in the same period, the earnings were $651,000 or 2 cents a share. Analysts were modeling net income of a cent per share.
The revenue for the quarter rose 15 percent to $78.2 million, higher than Street expectations of $75.6 million.
For the fourth quarter, the company has projected revenue between $67 million and $71 million. For the full year, it has raised the revenue outlook to the range of $275 million and $279 million. It sees net income at $3 million, higher than analysts’ estimates of $900,000.
The results, which were declared after market close, sent the stock up $1.71 to $7.75.
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