Groupon: 4th quarter weaker than reported

Groupon unexpectedly revised its financial results on Friday to reflect even deeper than expected loses for the site, raising questions about the company's accounting practices again, the New York Times' DealBook reported.

The Associated Press reported that the Chicago based company said its fourth-quarter loss was wider than initially reported because it failed to set aside enough money to cover customer refunds.

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DealBook reports the news sent shares down 6 percent in after-hours trading to $17.29. Since the company went public last fall, its shares have fallen over 30 percent.

Bloomberg BusinessWeek wrote the revised earnings lowered the company's quarterly revenue by $14.3 million and widened its loss by $22.6 million, or 4 cents per share. The company originally reported a surprise loss of $42.7 million, or 8 cents per share, for the period in February.

Its auditor, Ernst & Young, had flagged a “material weakness” in the company's internal controls over its financial statement.

“We did not maintain effective controls to provide reasonable assurance that accounts were complete and accurate,” Groupon said in its annual report, which was released on Friday.