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Dow Jones Newswires: Groupon forecast cut sends stock plunging

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Groupon Inc.’s stock fell 17% to $13.05 in after-hours trading Monday after the company reported a quarterly loss and revised annual financial projections, saying it expects a more muted recovery.

Groupon
GRPN,
-4.80%

reported a net loss of $34.9 million, or $1.17 a share, in the first quarter, compared with a year-earlier profit of $14.6 million, or 48 cents a share. On an adjusted basis, the loss was 80 cents a share.

Revenue fell to $153.3 million from $263.8 million a year earlier.

Groupon said it expects $670 million to $700 million in revenue this year and $60 million to $80 million of adjusted earnings before interest, taxes, depreciation, and amortization, down from its earlier view of more than $112 million in adjusted Ebitda.

Write to Maria Armental at maria.armental@wsj.com

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