Business

Market Mover

Its fortunes fading, Groupon ousts CEO

Groupon is the largest provider of online daily deals to consumers.
Reuters/File 2011
Groupon is the largest provider of online daily deals to consumers.

Groupon Inc. closed the regular session down 24.3 percent — blame weak revenue guidance and worries about the business model — but the stock was up more than 4 percent at 8:15 p.m. in after-hours trading after the company ousted CEO Andrew Mason. His tumultuous tenure was marked by restatements in the run-up to Groupon’s initial public offering, disappointing profits, and a plunging stock. Groupon said first-quarter revenue will be $560 million to $610 million; analysts predicted $647.7 million, Bloomberg says.

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