Shares of Groupon GRPN traded down as much as 23% on Tuesday morning after the company reported earnings Monday afternoon.
Earnings per share came in at $0.08, above analysts' expectations of $0.03 and revenue came in at $568.3M, just slightly below the $573.13M estimate. Still, traders sold the stock on the company's guidance, which showed that revenue growth was declining.
Following the move, several sell-side analysts updated their ratings. Citigroup downgraded the company to a Neutral from a Buy, while The Benchmark downgraded the company to Hold from Buy.
Shares of Groupon traded near $5.80 on Tuesday.
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