LOS ANGELES (MarketWatch) � Shares of Groupon Inc. fell Friday evening after the daily-deals firm downwardly revised its fourth-quarter earnings and sales.
Stock in Groupon GRPN �lost 6.4% to trade at $17.20, but pared declines of more than 10%, as the company said revisions in its fourth-quarter results reduced revenue by $14.3 million and net income by $22.6 million, or 4 cents a share.
Groupon backed its outlook for the first quarter of 2012.
Click to Play Stocks: 2012's bizarre first quarterMarketWatch editor in chief Dave Callaway looks at some of the oddities for the markets during the first quarter of 2012. (Photo: Bloomberg News)
The Chicago-based company said it revised the results on concerns from its auditor about accounting for customer refunds. The changes stemmed from a shift in �deal mix and higher price point offers, which have higher refund rates,� Groupon said in a statement.
Its auditor, Ernst & Young, included a warning of a material weakness in the company�s internal controls in Groupon�s annual 10-K filing with the Securities and Exchange Commission. Read more about Groupon's quarterly revisions.
Shares of Groupon ended the first quarter Friday with a 10.9% decline.
In the regular session, U.S. stocks closed with their biggest first-quarter rise in more than a decade after a better-than-expected increase in consumer spending and sentiment raised views of the economy. Read about the first quarter�s performance in U.S. stocks.
The S&P 500 Index SPX �rose 12%, notching its largest first-quarter advance since 1998. The Dow Jones Industrial Average DJIA �rose 8.1% and the Nasdaq Composite Index COMP �moved up nearly 19% in the first three months of the year.
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