Groupon is firing some employees today.
A source familiar with the situation puts the number at 80. This is a significant number of people, obviously, but it’s also a very small percentage of Groupon’s 10,000+ global employees.
Groupon is reporting Q3 earnings this evening. Management will presumably describe the details of these layoffs on the call.
The source familiar with the situation suggests the cuts are part of a sales and marketing “optimization” effort that Groupon management alluded to on the last earnings call.
Groupon’s stock has plunged to new all-time lows in the past week. It is now trading at ~$3.85 a share, down a staggering 80% from the $20 IPO price a year ago.
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UPDATE: Groupon disclosed that it has cut more than 600 jobs from its salesforce in the last six months.
SEE ALSO: Groupon Crashes To A New All-Time Low
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