“While we faced some macroeconomic headwinds in 2022, we also believe that we did not move quickly enough to adapt our business model to meet the new and emerging needs of our local merchants and customers. “We are in the midst of executing a transformation strategy that we believe will allow Groupon to unlock its full potential,” said Kedar Deshpande, Groupon’s chief executive, in a statement. Analysts had estimated a net income of 56 cents a share on revenue of $642.9 million for the year. Groupon said that because of its “turnaround strategy” and an uncertain macro environment, it was withdrawing its forecast for the year. With that and other cost reductions, Groupon said it is on track to reduce annual costs by $250 million. Groupon expects the layoffs to be complete by the end of its June-ending quarter. The company also said it was cutting 500 jobs worldwide, about 17% of its workforce of 2,904 as of the end of 2022. Analysts surveyed by FactSet had forecast a loss of 33 cents a share on revenue of $160.1 million. Revenue fell to $148.2 million from $223.2 million in the year-ago quarter. The adjusted loss, which excludes stock-based compensation expenses and other items, was 38 cents a share, versus earnings of 18 cents a share in the year-ago period. The company reported a fourth-quarter loss of $55.3 million, or $1.82 a share, versus net income of $29.4 million, or 90 cents a share, in the year-ago period.
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