The company said its third-quarter results were held back by higher marketing spend that produced lower-than-expected returns, a lower take rate tied to a shift in its business mix, headwinds in the trust quality segment and slower customer lifestyle progress. Its fourth-quarter revenue forecast of $133 million to $136 million is also below analysts’ $147.4 million estimate.

Groupon reported a third-quarter loss of $1.1 million, or 3 cents a share, compared with a loss of $118.4 million, or $2.92 a share, a year earlier. Analysts polled by FactSet had expected earnings of zero cents a share. Revenue rose to $125.5 million from $122.8 million, but fell short of the $129.4 million analyst estimate.

The company had 16.2 million active customers in the 12 months ended Sept. 30, compared with 16.126 million a year earlier. Groupon shares fell 21% to $12.18 in after-hours trading Monday.

Groupon has said it is rebuilding as an AI-native company. In May, it announced plans to cut nearly a quarter of its workforce, or as many as 400 positions globally. The company estimated the layoffs would produce up to $25 million in annualized savings, with $10 million to $12 million expected this year. It plans to reinvest about half of this year’s savings in marketing, AI infrastructure and talent density.