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Groupon CEO: Moving fast is key to successGroupon CEO Andrew Mason says company's mission is to be 'operating system for local commerce'
NEW YORK (AP) ' Groupon CEO Andrew Mason says the daily deal company's business continues to improve, though the six months since its initial public offering have been rocky.
Mason told Groupon Inc. shareholders in a letter Monday that the company's goal is to become the operating system for local commerce. Groupon, he wrote, is transforming from daily deal provider to a local commerce platform.
He acknowledged that won't happen overnight. And he reminded investors that he warned them in the company's IPO documents that the road might be bumpy. He said it's a side effect of unprecedented growth.
Groupon's stock is trading at roughly half of its IPO price, closing Monday at $10.46. It spiked after pricing at $20 when the company went public in early November.
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