Groupon is not having a good quarter. Stocks in the online coupon website fell 44% on Wednesday after reporting worse than expected earnings.
Groupon is famous for selling coupons to experiences (such as restaurants and spas) began to pivot into selling goods. The move was made in an attempt to become like Amazon but has failed.
According to the New York Post, Groupon reported a net income of $44.5 million, about half of the expected $96 million.
“Our failure to meet the expectations we set will understandably frustrate our shareholders, as it has us,” Groupon CEO Rich Williams wrote in a Tuesday letter to stockholders. “This performance shortfall, coupled with the significant headwinds we continue to face, call for profound change.”
Groupon is planning to revamp its marketing strategy.