NEW YORK (
) -- Shares of
(GRPN - Get Report)
were tanking in late trades on Monday after the daily deals site operator reported
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
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
Interested in more on Groupon? See TheStreet Ratings' report card for
Follow TheStreet Tech
on your wireless devices
Written by Chris Ciaccia in New York