CNNMoney reports that when critics wax poetic about the
Great Tech Bubble of 2012, they often hold up daily deals site Groupon as the
embodiment of all things overhyped and overfunded. The company didn't do much
to silence those naysayers Thursday night, when its earnings report showed that
sales are slowing significantly.
Shares of Groupon lost nearly a third of their value Friday
morning, bringing the stock well below $3. That brings Groupon's stock decline
to an eye-popping 89% since its public debut one year ago.
Groupon has been fending off the critics since even before
its initial public offering. Cynics decried Groupon for choosing a field that's
easy for new rivals to jump into, and questioned whether any daily deals site
can come up with a viable long-term business model….
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