Groupon Inc. revised its fourth-quarter results after finding it needed to increase the amount of money it sets aside for refunds.
Groupon said Friday that it was selling online deals at higher prices during the period and that put it on the hook for larger refunds. The adjustment lowered the company's revenue for the period by $14.3 million.
It wasn't a good sign for Groupon as this was its first quarterly report since it went public in November.
The company's auditor Ernst & Young also flagged a weakness in the Groupon's internal controls over its financial statement. The Chicago company says it is working to address the underlying causes.
Groupon stood by its first-quarter guidance. Its shares plunged in after-hours trading on the news.
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