The bottom is falling out of Groupon (GRPN -28.2%) after a bleak Q3 report (I, II) leaves...
Friday, November 9, 2012, 10:59 AM ETThe bottom is falling out of Groupon (GRPN -28.2%) after a bleak Q3 report (I, II) leaves observers wondering when its daily deals and international billings will finally stabilize. Evercore's Ken Sena, whose bearish stance is vindicated today, notes Groupon's $1.2B cash balance is partly offset by $600M in payables and accrued expenses, something that could hurt cash flow as sales decline. He's raising his 2013 e-commerce sales forecast by $700M, but lowering his daily deals billings forecast by $1.5B. (also) (transcript)
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