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Strategies & Market Trends : Picks of the quarter

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Dec 29 3:59 PM EST

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From: Dale Baker	3/30/2012 4:58:50 PM
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Finally.... LOS ANGELES (MarketWatch) — Shares of Groupon Inc. tumbled Friday evening after the daily deals company downwardly revised its fourth-quarter earnings and sales. Groupon shares GRPN -7.07% dropped 10% to $16.50 as the company said revisions in its fourth-quarter results reduced revenue by $14.3 million and reduced net income by $22.6 million, or 4 cents a share. Groupon said the revisions reflect an increase in its “refund reserve accrual.” The changes stemmed from a shift in “deal mix and higher price point offers, which have higher refund rates,” the company said in a statement. The company said its auditor, Ernst & Young, included a statement of a material weakness in its internal controls in Groupon’s annual 10-K filing with the Securities and Exchange Commission. Shares of Groupon on Friday ended the first quarter with a 10.9% decline.

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