Groupon’s share price is in freefall after posting disappointing results
Groupon's share price has tumbled over 30 per cent as markets in America opened today, after having posted disappointing results yesterday.
The online retailers share price was 30.65 per cent down as markets opened, at $2.80.
Yesterday the company revelled its results for the third quarter of 2015, showing that revenues had dropped slightly to $713.6m (£462.9m), compared to $714.3m during the same period last year.
Read more: Groupon reveals Rich Williams as new CEO
Gross billings, which refer to the total dollar value of customer purchases of goods and services, also faltered slightly, falling to $1.49bn from $1.49bn for the third quarter of 2014.
Jasper Lawler of CMC Markets said the "deals-site missed sales estimates and issues weak guidance for the fourth quarter".
Meanwhile, Rich Williams, the company's current chief operating officer, is to be the company's new chief executive, Groupon announced yesterday.
Read more: Groupon reveals plans to cut 1,100 jobs
In September Groupon announced it was planning to cut 1,100 jobs as part of a global restructure, which will cost up to $35m, which largely came into play in the third quarter of 2015.
“Substantially all of the pre-tax charges are expected to be paid in cash and will relate to employee severance and compensation benefits, with an immaterial amount of the charges relating to asset impairments and other exit costs,” the company in September.