(MCT) CHICAGO — Shares of Chicago-based Groupon Inc. are falling hard a day after its disappointing third-quarter earnings.

The stock was tanking 27 percent, to $2.86, in late morning trading, taking the shares below $3. Groupon went public a year ago at $20 and has seen a steady drop in its stock price during its debut year, as investors registered concerns over the daily deals company's business model and growth rates. On Thursday after the market closed, Groupon posted a net loss of $3 million for the third quarter on $568.6 million in revenues. Analysts had pegged third-quarter revenue at $590 million, according to Thomson Reuters I/B/E/S.