Why Groupon Stock Plunged Today
Shares of Groupon (NASDAQ: GRPN) have plunged today, down by 11% as of 12:05 p.m. EDT, after the company released a presentation last Friday to give investors an update on its transition to a new model in North America. Groupon had previously announced the move when it reported second-quarter results last month.
In early August, Groupon said it would be transitioning its North American business from selling products directly to a third-party marketplace model. The e-commerce tech company has already exited its warehouse operations, which will significantly reduce its cost structure, interim CEO Aaron Cooper had said.
Image source: Groupon.
Source Fool.com
