Groupon lost 12 cents per share in the fourth quarter, far worse than analysts expected. Its shares sank 26% in premarket trading, mimicking what happened after the previous quarter’s similarly dismal results.
Tonight Groupon CEO Andrew Mason told the troops that he was out the door:
After four and a half intense and wonderful years as CEO of Groupon, I’ve decided that I’d like to spend more time with my family. Just kidding – I was fired today. If you’re wondering why… you haven’t been paying attention. From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price, the events of the last year and a half speak for themselves. As CEO, I am accountable.
Respect due for Mason’s reference to the NES classic game Battletoads near the end of his letter – be sure to check it out.