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. Analysts surveyed by Thomson Reuters was for a profit of 3 cents a share in the quarter on revenue of $573.1 million.
Gross billings declined sequentially, totaling $1.29 billion in the second quarter. That's 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.Groupon cited economic weakness in Europe for the revenue shortfall but on the conference call said "we believe we are not totally dependent on a macro econ turnaround." For the third quarter, Groupon provided guidance with downside to Wall Street's current expectations. 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. The company ended the quarter with $1.2 billion in cash and cash-equivalents, and no long-term debt. The subject of a stock buyback was broached on the earnings call, but the company said it has nothing to announce at this time. Shares of Groupon closed the regular session higher, up 1.48% to close at $7.55. The stock plunged in extended trading, dropping more than 19% to $6.10, according to Nasdaq.com on volume of more than 10 million. --Written by James Rogers, Chris Ciaccia and Nathalie Pierrepont in New York. Follow @jamesjrogers Follow @Commodity_Bull Follow @nrpierrepont >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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