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VOL. 127 | NO. 65 | Tuesday, April 3, 2012

Groupon Restatement Sparks More Worries

AP

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NEW YORK (AP) – Groupon's announcement that its revenue and earnings were lower than what it reported in February is sparking fresh worries about its business model.

Trouble arose when the young online deals site said late Friday that it needed to increase the money it set aside for refunds. Now, investors are selling, and some analysts are wondering if Groupon will be able to outgrow its growing pains.

Others say it's just a hiccup for a fast-growing company that basically created the daily deals market.

This isn't the first time that Groupon has had to change its accounting. Last year it got in trouble for reporting its gross billings, not just the money it gets to keep from its deals, as revenue.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 196 20,828
MORTGAGES 86 244 23,989
FORECLOSURE NOTICES 0 31 3,078
BUILDING PERMITS 138 453 43,046
BANKRUPTCIES 64 174 13,354
BUSINESS LICENSES 21 56 6,678
UTILITY CONNECTIONS 30 82 7,871
MARRIAGE LICENSES 14 59 4,702