Mason talking about the perception of "serendipitous discovery" of bargains among its customers. Investors are discovering anything but serendipitous bargains. Stock's down 19% at $6.15.  Mason doesn't entirely throw out Europe though, he says there should be a recovery for Groupon in Europe even without a macro recovering.  Mason says Europe presence grew rapidly and that higher-price-point offers are more common in Europe than U.S., which is hurting the company as Europe struggles. Apparently the Greeks aren't as willing to spend on Laser Hair Removal coupons right now.  CEO Andrew Mason has four topics he'd like to talk about: Europe, North America, marketing and technology  And the call is on. Company is going through the basic earnings right now.  Also to note off the slides, active growth in customers continues to fall. Groupon only added 3% from the first quarter, to 38 million active users. The first quarter had grown by 9.5% sequentially and that was down from 17% from 2011 3Q to 4Q.  While we wait, may we suggest you glance at our colleague Rolfe Winkler's Ahead of the Tape today. It took a close look at Groupon Goods, which as Deal Journal just wrote had a big impact on Groupon's results.  One potential interesting point from the slides: Marketing spend as a percent of revenue continues to drop, down to 15% from 54% in last year's 2Q and down from 21% in the 1Q.  That had been a key concern for Groupon, that it could only bring in revenue growth by pouring cash into marketing. That, at least, is easing up.  Groupon is about to get started, we think at least, but while we've been waiting, CFO Jason Child has been talking with Dow Jones, which has these headlines on the wire:  *DJ Groupon CFO: Goods Business Lower Margin, 'Massive Category'  *DJ Groupon CFO: 2Q Growth Strong Overall Outside of Europe
Groupon posted another quarter that appears to be disappointing the market. Deal Journal is live blogging the call.