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Groupon Revises Financial Results

Groupon Revises Financial Results

Chicago-based daily deals company Groupon recently revised its fourth-quarter and fiscal year financial numbers, reporting a $14.3 million decrease in revenue last quarter.

In a statement in which the company admitted to "a material weakness in its internal controls," Groupon said that it initially did not set aside enough money for customer refunds. With this adjustment made, Groupon's revenue decreased, according to the Los Angeles Times.

The company's net loss for the fourth quarter was $65.4 million, as compared to the initially reported $42.7 million, the news source said. Though revenues were revised down to $492.2 million for the fourth quarter, CFO Jason Child noted that the company would maintain its guidance for the first quarter of 2012.

"We remain confident in the fundamentals of our business, as our performance continues to highlight the value that we provide to customers and merchants," Child said in a statement.

Groupon's stock fell 17 percent after the company refiled its earnings report to reflect the downward shift, NBC Chicago reported.