MarketSnacks
November 05, 2015
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Groupon loses its earnings and CEO

Want a 30% off deal?...  Then treat yo' self to shares of Groupon ($GRPN) , which lost a third of its value after a brutal earnings report. Just like your disappointed date if you whipped out a Groupon 2-for-1 drink deal over wine, investors aren't happy the company's cutting sales forecasts to $815 million for the holiday-packed 4th quarter.
 
Haven't used Groupon since Foursquare was cool?...  We hear ya. And so does the board of Groupon, which pushed the current CEO and co-founder Eric Lefkofsky  to step down too on Wednesday. He was replaced this morning by the Chief Operations Officer, who officially had the worst 1st day of any job ever after Groupon stock's biggest drop in 3 years.
 
The takeaway...  is that Groupon's selling more of itself than it is of actual products. With user growth flatlining and quarterly losses growing, the company just announced it's cutting 1,100 jobs and quitting seven countries. Now investors are hoping someone will just step in and buy the company. At this rate it may be a sweet Christmas gift deal by early December.

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