Amid Controversy, Groupon Revenue Rises 89%
NEW YORK (TheStreet) -- Despite recent controversy over accounting practices at Groupon (GRPN), the online daily deals company, managed to post better-than-expected earnings, sending shares soaring.
Groupon reported first-quarter earnings of 2 cents per share on $559.3 million in revenue. The average estimate of analysts polled by Thomson Reuters was for a profit of a penny per share on revenue of $530.6 million.
Revenue soared 89% year-over-year, thanks in part to strong International growth, which grew 102% year-over-year.
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"We are pleased to report a record quarter that demonstrates our progress in unlocking the opportunity in local commerce for merchants and customers worldwide," said Andrew Mason, CEO of Groupon, in the press release.
Groupon recently shook up its board, as it focuses more on accounting and operational issues going on inside the company. Groupon recently had to restate its fourth-quarter earnings, citing a shift in the company's fourth-quarter deal mix and higher price offers. The Chicago-based company said it expects second-quarter revenue to be between $550 million and $590 million. The current consensus estimate is for revenue of $558.7 million. Groupon shares soared in Monday's regular trading, gaining 18.54% to close at $11.73. The stock jumped another 12% to $13.15 in after-hours action, according to Nasdaq.com. Interested in more on Groupon? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_BullSelect the service that is right for you!
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