Groupon stock caps off a week of lows

[August 18, 2012]  NEW YORK (AP) -- Another day, another low for Groupon stock.

The online deals company issued a lackluster quarterly report after the market closed on Monday. Since Tuesday, the stock has hit a new low every day.

It fell another 41 cents, or 8.2 percent, to $4.59 in afternoon trading Friday. Earlier in the day, it hit $4.51. That's down more than three-quarters of its initial public offering price of $20 in November.

On Monday, Groupon reported its first-ever quarter-to-quarter decline in gross billings. That's a closely watched number because it measures how much money is collected from merchants.

The number of active customers grew just 3 percent from the first quarter. The average spending per customer over the past 12 months was $165. That's down from $179 average spending in the first quarter.

[Associated Press]

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