Local.com cuts fourth-quarter outlook

By @ibtimes on

Jan 7

Analysts were expecting an earnings of 20 cents a share, according to Thomson Reuters I/B/E/S.

Separately, the company said it acquired privately held group-buying platform iTwango LLC for an undisclosed amount, as it looks to expand into that market.

Group-buying is the purchasing of discounted or special offers from a business by a minimum number of buyers.

Websites like Amazon.com and eBay Inc are increasingly investing in local platforms to attract group buyers, as customers flock to the Web for deals and discounts.

In December, eBay marked its foray into online shopping clubs with an offer to buy Germany's brands4friends for about $200 million in cash.

Shares of the Irvine, California-based company closed at $6.91 Thursday on Nasdaq. They were trading down 14 percent at $5.98 before the bell on Friday.

(Reporting by NR Sethuraman in Bangalore; Editing by Sriraj Kalluvila)

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