Shares of Groupon fell more than 15% in afterhours trading after the company's second-quarter revenues came in lower than projected.
The company posted sales of $568.3 million for the quarter, which was a bit below Wall Street's consensus estimate of $578 million. Groupon's adjusted earnings per share was 8 cents, which beat The Street's estimate of $.03. The company's revenues are up 45% compared to the comparable quarter in 2011.
"We had a solid quarter despite challenges in Europe and continued investment in technology and infrastructure," said Andrew Mason, CEO of Groupon, said in a press release. "We've deepened our relationships with a growing base of merchants and customers worldwide, demonstrating progress as we work to unlock the opportunity in local commerce."
Before Monday's plunge, Groupon's stock price was down 63% from its IPO price.