Groupon, BroadSoft, Zynga: Tech Premarket
NEW YORK (TheStreet) -- Groupon (GRPN) was a big loser in premarket trading on Thursday, plunging 27% after posting weaker-than-expected fourth-quarter results and guidance.
The daily deals site late Wednesday reported revenue of $638.3 million and an adjusted loss of 5 cents a share. Analysts surveyed by Thomson Reuters were looking for sales of $638.4 million and earnings of 3 cents a share.
Included in the adjusted loss was a loss of 7 cents a share from discontinued items, making the net loss attributable to shareholders 12 cents a share. Groupon suffered a 61% year-over-year decline in operating cash flow during the quarter, which drove the company's net loss.
The Chicago-based company also delivered tepid first-quarter guidance, much to the chagrin of investors. Groupon's shares plunged 27.12% to $4.36 before market open. The company was also the most active premarket Nasdaq stock on share volume of 2,795,831.
BroadSoft (BSFT) was another loser, tumbling 22.84% to $23.85. The telecom software maker beat Wall Street's fourth-quarter estimates late on Wednesday, but provided first-quarter guidance below analysts' expectations. Zynga (ZNGA) shares slipped 1.14% to $3.48, while Facebook (FB) gained 0.19% to $26.92. Chip design specialist ARM (ARMH) was up 0.16% to $43.78. Shares of IBM (IBM), which hosts its investor briefing on Thursday, were flat at $202.33. The tech giant is expected to reiterate its long-term goals at the event, as well as its ambitious efforts to drive software growth. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.comSelect the service that is right for you!
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