The United States group-buy site Groupon (NASDAQ:GRPN) revised its fourth-quarter financial results, resulting in substantial increase in losses. The Group stock price opened down 10% on Monday, then fluctuated and continued the downward momentum until the closing bell; with a loss of 16.89%, or $2.10, to finish at $15.28. The intraday trading volume increased to 10 million shares, magnified four times the daily average trading volume of closely $2 million shares..
Groupon announced the revised fiscal 2011 fourth quarter financial results in the morning of March 31. Revised fourth quarter operating expenses increased, resulting in a decrease of $30 million in operating profit, a decrease of $22.6 million in net profit, widening losses by 50% to $65.3 million; revenues decreased by $14.3 million to $493 million compared with the previously reported figures. Groupon previously released revenues of $ 506.5 million, an increase of 194%; net loss narrowed by 89% from $378.6 million a year earlier.
Groupon said the financial results of the previous several quarters are not affected by the adjustments. The previously announced cash flow from operations is not changed, still $169.1 million for the fourth quarter and $290.05 million for fiscal 2011 full year.