Groupon CEO Andrew Mason acknowledged in a letter to shareholders Monday the "bumpiness" that he said was the result of the company's rapid growth over three and a half years.
The letter was filed as part of Groupon's annual report. In the letter, Mason noted how the company has grown to 11,000 employees and 48 countries in just a few years.
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"Why move so fast? We believe that Groupon is standing before an enormous opportunity, one that hundreds of competitors large and small have seen. Although there are risks in moving too fast, companies often don't survive long enough to apologize for moving too slow," he wrote.
He used the bulk of the letter to describe his efforts to make Groupon "the operating system for local commerce."
Groupon shares were up 5.8 percent at $10.55 in early trades Monday.