New lows for daily deals firm Groupon

NEW YORK (AFP) - Groupon shares plunged to their lowest level since the online deals giant went public a year ago, as analysts offered a harsh response to a disappointing earnings report.

Groupon tumbled 29.3 per cent to close at US$2.77 - down some 85 per cent from the public offering price in November 2011 of US$20.

Chicago-based Groupon on Thursday reported a loss of US$3 million (S$3.7 million) in results that came up shy of most analyst forecasts for a small profit.

Revenue increased 32 per cent year-over-year to US$568.6 million in the third quarter and was up 38 percent in constant currency.