RetailMeNot Trades Lower Following Wall Street Journal Article
Gottfried claims Google's most recent algorithmic update which took place on May 20, hurt RetailMeNot by decreasing the need for its service, causing the stock to tank by 18 percent by May 23. Management at RetailMeNot claimed the impact following the Google update was "greatly" overstated.
The article cited a study concluding that between the months of March and May, only 2.4 percent of consumers began the buying process on coupon sites, like RetailMeNot; slightly more than half of consumers began searching for coupon/promo codes while checking out and saw the input option titled "coupon code," influencing an online search for promo code availability.
Shares of RetailMeNot are down about 5.7 percent Monday.
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