SAN FRANCISCO (AP) — Groupon's stock hit another low, days after the online deals company issued a lackluster quarterly report.

Groupon Inc. fell 32 cents, or 6 percent, to close Thursday at $5. Earlier it hit $4.97, its lowest level since its initial public offering in November. The stock's IPO price was $20, so it has lost 75 percent of its value.

On Monday, Groupon reported its first-ever quarter-to-quarter decline in gross billings. That's a closely watched number because it measures how much money is collected from merchants.

The number of active customers grew just 3 percent from the first quarter. The average spending per customer over the past 12 months was $165. That's down from $179 in the first quarter.

Benchmark analyst Clayton Moran downgraded Groupon's stock Tuesday. He called the results "discouraging."