Daily deals site Groupon Inc. said it was restating its financial results “to correct for an error in its presentation of revenue,” and said its chief operating officer was exiting after just five months.
As a result of the restatement, Groupon’s revenue for 2010 fell by more than half from what was previously reported — to $312.9 million, down from $713.4 million.
The news comes amidst an initial public offering that has brought intense speculation from investors over the viability of Groupon’s business model. The company canceled a road show it had scheduled for early September and pulled back on plans to go public. It is still evaluating its options on a week-by-week basis.