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Groupon's stock hits all-time low amid worries about site traffic, exposure to Europe
NEW YORK (AP) ¯¯¯ Groupon's stock hit its lowest level Wednesday since the online deals company went public last November amid concerns about traffic to its website and its exposure to Europe's weak economy.
Internet trends tracker ComScore Inc. says traffic to Groupon declined 15 percent in June from a year earlier. Groupon.com had about 12.2 million unique visitors last month from 14.5 million in June 2011.
In addition, a Citi Investment Research analyst expressed some concerns about Groupon's exposure to Europe and its weak economy. Mark Mahaney says Groupon gets a quarter of its revenue from Europe.
Shares of Groupon Inc. fell 54 cents, or 6.5 percent, to close at $7.77 on Wednesday. Earlier it hit an all-time low of $7.72. Groupon's stock priced at $20 per share when it went public.