GROUPON reported better-than-expected quarterly profit and revenue yesterday as the company’s main daily deals business in North America turned in a strong performance.
Shares of Groupon, the world’s largest daily deal company, surged 12 per cent to $6.24 in after-hours trading.
First-quarter revenue rose to $601.4m from $559.3m a year earlier. Groupon was expected to generate revenue of $590m, according to Thomson Reuters. Consolidated segment operating income, or CSOI, a closely watched measure of Groupon’s profitability, came in at $51.2m in the latest period. Groupon’s North American revenue jumped 42 per cent, while International revenue fell 18 per cent.
The firm, one of the most feted Internet market floats of 2011, fired co-founder and CEO Andrew Mason in February after a string of disappointing results wiped out three-quarters of its market value. Groupon, which has lost several other key executives, is seeking a new permanent chief executive.
City A.M. Reporter