SAN FRANCISCO (AP) -- Groupon's stock hit an all-time low on Wednesday as the online deals company continued to be punished by investors following a lackluster quarterly report this week.
Groupon Inc. fell 19 cents, or 3.5 percent, to close at $5.32. Earlier the stock hit $5.28, its lowest level since a November initial public offering. The stock's IPO price was $20.
On Monday, Groupon reported its first-ever quarter-to-quarter decline in gross billings. That's a closely watched number because it measures how much money is collected from merchants.
The number of active customers grew just 3 percent from the first quarter. The average spending per customer over the past 12 months was $165. That's down from $179 in the first quarter.
Benchmark analyst Clayton Moran downgraded Groupon's stock Tuesday. He called the results "discouraging."
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