NEW YORK (TheStreet) -- Groupon (GRPN) - Get Groupon, Inc. Report stock is down by 30.02% to $2.82 in mid-morning trading on Wednesday, after the company replaced its CEO and released its 2015 third quarter earnings results.
After the market close yesterday, the Chicago-based online commerce company reported earnings that beat analysts' expectations and revenue that was below estimates.
Groupon reported earnings of 5 cents per share on revenue of $713.6 million for the most recent quarter. Analysts were expecting the company to report earnings of 2 cents per share on revenue of $732.7 million.
"We've successfully transformed Groupon to support our next stage of growth," outgoing CEO Eric Lefkofsky said in a statement. "The business is stable, the marketplace is scaling, and we are ready to take our next big step."
Additionally, Groupon announced that Chief Operating Officer Rich Williams will become its new CEO effective immediately.
Separately, TheStreet Ratings team rates GROUPON INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate GROUPON INC (GRPN) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: GRPN