Groupon shares fell more than 17 percent Friday morning among a broader market decline after it reported a first-quarter loss Thursday afternoon.
Shares dropped to $3.66 from an open at $4.06, before bouncing back somewhat after CEO Rich Williams ? appeared on CNBC and addressed investor concerns. Increased spending on marketing in the first quarter contributed to a loss of $49.1 million, triple its loss in the year-ago quarter, disappointing some even as it beat analyst expectations on revenue and earnings per share.
By midday Friday, shares were up to about $3.80.
“We’re right on track with where we expected to be and where we need to be,” Williams said on CNBC. “If someone expected more than that, than being on progress and continuing to execute against our strategy, then it’s hard for me to explain it.”
Groupon stock has gained about 46 percent in 2016. It went public at $20 a share in 2011 but never recovered from a slide that began in early 2012.
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