Groupon Names New CEO, Issues Weak Outlook

Groupon Inc. named a new CEO and issued a weak outlook late Tuesday, while topping Wall Street estimates for earnings but not revenue. Groupon shares were halted at $4.06. The online deal company expects between an adjusted fourth-quarter loss of 1 cents a share to earnings of 1 cent a share on revenue of between $815 million and $865 million. Analysts surveyed by FactSet forecast 7 cents a share on revenue of $956.8 million. Groupon announced that Chief Operating Officer Rich Williams will become chief executive, replacing Eric Lefkofsky, who will become chairman. The company reported third-quarter adjusted earnings of 5 cents a share on revenue of $713.6 million. Analysts had forecast earnings of 2 cents a share on revenue of $732.7 million.