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See the best of Reuters photography. See more | Photo caption Quakes hit Iran Two powerful quakes strike northwest Iran. Slideshow Aniston engaged Jennifer Aniston and Justin Theroux are now engaged. Slideshow Groupon quarterly revenue misses Street, cites Europe Tweet Share this Email Print Related News Nvidia rides Tegra wave, beats on revenue outlook Thu, Aug 9 2012 Bombardier profit, sales fall on gap in train contracts Thu, Aug 9 2012 "Avengers" helps power Disney profit in quarter Tue, Aug 7 2012 Customer losses, high retention costs hit Leap Wireless Mon, Aug 6 2012 Kraft stands by 2012 goal, plans to reinvest profit Thu, Aug 2 2012 Analysis & Opinion Facebook’s market meltdown is far from over Goldman’s pay-earnings balancing act looks wobbly Related Topics Tech » Hot Stocks » Asian Markets » Media » The Groupon smartphone app is seen on a Motorola Droid Bionic cellphone in Denver November 4, 2011. Credit: Reuters/Rick Wilking By Alistair Barr Mon Aug 13, 2012 5:19pm EDT (Reuters) - Groupon Inc reported second-quarter revenue that missed Wall Street expectations on Monday, sending shares of the world's largest daily deal website down 20 percent to a record low. Groupon Chief Financial Officer Jason Child said Europe's weak economy and currency fluctuations dented results. He also said the company is working to improve the company's performance in that region. Revenue was $568.3 million, compared with $392.6 million in the second quarter of 2011, the Chicago-based company said. Wall Street expected Groupon to report revenue of $573 million, according to Thomson Reuters I/B/E/S. Earlier this year, Groupon forecast second-quarter revenue of $550 million to $590 million. Groupon shares fell to a life-time low of $6.05 in after-hours trading. The company's stock has tanked since going public last November. "Revenue was at the lower end of where they guided," said Herman Leung, an analyst at Susquehanna Financial Group. Groupon's profit forecast was weaker than expected, Leung added. Groupon said third-quarter income from operations would be $45 million to $65 million, excluding stock-based compensation costs. Wall Street was looking for profit of about $70 million to $80 million on that basis, Leung noted. Gross billings, which reflects the money Groupon collects from consumers who buy its daily deals, totaled $1.29 billion in the second quarter. That was down from $1.35 billion in the first quarter. "Europe was really the driver there," Groupon's Child said. "That was macro headwinds and currency." Groupon recently changed management in Europe and it is rolling out new technology in the region to make its daily deals more relevant and get them closer to potential customers, the CFO said. Still, Child said the introduction of the new technology will take "the balance of this year." Child also said Groupon plans to reduce the size of the discounts it offers to consumers in Europe. "In the past, we've given a little more of a discount to the consumer, versus the merchant," Child said. "We will be changing that." (Reporting By Alistair Barr; Editing by Bernard Orr) Tech Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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