NEW YORK (TheStreet) -- Shares of Groupon (GRPN) were tanking in late trades on Monday after the daily deals site operator reported mixed quarterly results with light revenue and gross billings declining on a sequential basis.
The Chicago-based company posted non-GAAP earnings of $53.8 million, or 8 cents a share, for the three months ended June 30 on revenue of $568.3 million. The average estimate of analysts polled by Thomson Reuters was for a profit of 3 cents a share in the quarter on revenue of $573.1 million.
Groupon said second quarter revenue rose 45% year-over-year, thanks in part to its domestic business, which saw the top line increase 65.6% year-over-year. International growth was hurt by foreign exchange rates. Without these headwinds, revenue growth would've been 53% year-over-year, the company said.
"We had a solid quarter despite challenges in Europe and continued investment in technology and infrastructure," said Andrew Mason, CEO of Groupon. "We've deepened our relationships with a growing base of merchants and customers worldwide, demonstrating progress as we work to unlock the opportunity in local commerce."Gross billings totaled $1.29 billion in the second quarter, up from $929.2 million in the same period a year earlier, but down slightly on a sequential basis from $1.35 billion in the first quarter. For the third quarter, Groupon gave a guidance with some potential downside to Wall Street's current estimates. The company expects revenue ranging from $580 million to $620 million in the September-ending quarter with income from operations pegged between $15 million and $35 million. The average analysts' view is for earnings of 5 cents per share on revenue of $604.5 million. Shares of Groupon finished a volatile regular session at $7.55, up 11 cents after ranging between $8.05 and $7.25 on the day. In after-hours action, the stock was last quoted at $6.48, down 14.2%, on volume of 5.54 million, according to Nasdaq.com. Interested in more on Groupon? See TheStreet Ratings' report card for this stock. Follow TheStreet Tech on your wireless devices. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV