Deal-of-the-day website Groupon.com is not faring well. Its shares hit a new low last Monday, leading the company to miss its quarterly revenue expectations.

Groupon's shares went down by almost 70% to $6.05 from their previous placing during an initial public offering last November.

Executives at the company readily blamed Europe’s economy and currency fluctuations, but they also promised they will be doing their utmost to improve the company’s performance in the continent.

Analyst B. Riley & Co gave a different version of events, asserting that “it seems like they don’t have enough control over various aspects of their business”, and that this could lead to serious ramifications for their growth in the following financial year.

Groupon owes its success to its idea of offering big discounts on local services on a daily basis to its numerous subscribers. When it realised that service alone would not be sufficiently profitable, it expanded into new areas such as merchant services and consumer product sales.

“The daily deal business may not have the potential the people previously thought”, said analyst Clayton Moran.

While Wall Street expected Groupon to report a revenue of $573 million, Groupon forecast a second quarter revenue of $550 million.

Groupon also recently changed management in Europe and it says it is doing its best to make its daily deals more relevant by getting them closer to potential customers.

“We’ve learned in North America that the best way to maximise gross revenue dollars for Groupon is to find the right balance between consumer and merchant value. By doing so in Europe, we have a clear opportunity to unlock growth and achieve the same kind of market penetration of Internet users that we have in North America”, said the company’s Chief Financial Officer, Jason Child.