Investors have begun to wonder whether Groupon, which recently had its one-year anniversary as a public company, and its loquacious CEO will ever be able to get their act together.

Groupon reported a net loss of $2.98 million, or 0 cents, an improvement over a loss of $54.2 million, or 18 cents a year earlier. Revenue rose more than 32% to $568.6 million. The company was expected to earn 4 cents on sales of $633.9 million. Much of the shortfall seems to have come from overseas, where there have been "execution issues," according to Mason.

"Some people have expected a quick turnaround in Europe," said Sameet Sinha, an analyst with B. Riley, in an interview with Bloomberg News. "What they don't understand is it's a huge task."

Groupon Goods, an e-commerce site, has reached $500 million in revenue. While growing at a faster rate than the deals business site, it has lower profit margins. The deals business has its own problems. Advertisers are complaining that partnering with Groupon costs them money and does little to promote their brands. Their skepticism will continue.

Fourth-quarter revenue is expected to be between $625 million and $675 million. Wall Street, though, still has faith in Groupon. The average 52-week price target on the stock is $7.19, more than 150% above where it currently trades. 

Unfortunately, it seems unlikely that Groupon will breach the huge gap between its reality and Wall Street's lofty expectations.

Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter@jdberr.