Mason thought that there must be some way to leverage a large number of people's collective bargaining power. The idea that would eventually become Groupon was born out of founder Andrew Mason's frustration trying to cancel a mobile phone contract in 2006. 3.6 Living on Groupon ("Live Off Groupon" program).3.5 Groupon and Chilean consumer office lawsuit.3.4 UK Office of Fair Trading investigation.3.3 Massachusetts Alcoholic Beverages Control Commission.3.2 Violation of gift certificate expiration laws.Additional investor concerns arose after the company restated 2011 revenues downward in March 2012. In its first earnings release as a public company, Groupon reported a 2011 fourth-quarter loss of $9.8 million on an adjusted basis, disappointing investors. According to a December 2010 report conducted by Groupon's marketing association and reported in Forbes magazine and the Wall Street Journal, Groupon was "projecting that the company is on pace to make $1 billion in sales faster than any other business, ever." In April 2010, the company was valued at $1.35 billion. The idea gained the attention of his former employer, Eric Lefkofsky, who provided $1 million in seed money to develop the idea.
The idea for Groupon was created by former CEO and Pittsburgh native Andrew Mason. By the end of March 2015, Groupon served more than 500 cities worldwide, nearly 48.1 million active customers and featured more than 425,000 active deals globally in 48 countries. By October 2010, Groupon was available in 150 cities in North America and 100 cities in Europe, Asia and South America, and had 35 million registered users. Based in Chicago, Groupon was launched there in November 2008, launching soon after in Boston, New York City and Toronto. Groupon is an American global e-commerce marketplace connecting subscribers with local merchants by offering activities, travel, goods and services in 13 countries.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC’s “ Fast Money ” and co-founder of M圜ityDeal, Ideel, LivingSocial, CommerceInterface, Adku, SnapSave, Swarm, Mob.ly, PrettyQuick LLC, Groupon Getaways, Aisle50, GrouponLive, Plumfare, Boomerang, Inc., Cloud Savings Company
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(A version of this post appeared on InsideOptions Pro Wednesday.)Īdditional News: Groupon Accounting Problems Put Spotlight on BoardĪdditional Views: Investors Won’t Tolerate More Groupon Missteps: Analyst Total option volume was twice its average amount. Overall calls in Groupon outnumbered puts by 20,000 to 12,000, a reflection of yesterday's bullish sentiment. Groupon’s next earnings results will be released on May 14. Its G-Pass service is designed to allow customers to bypass box-office lines and head straight for the entrance of events such as concerts, games, and shows. The company connects merchants to consumers by offering goods and services at a discount through coupons purchased online.
It pushed over $14 early yesterday, but then returned to its downward trajectory and finished with a 3.47 percent drop to $13.08, its lowest close yet. Groupon’s direction has been mostly south since its initial public offering in November.
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