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Why RetailMeNot (SALE) Closed Nearly 10% Higher Thursday

NEW YORK (TheStreet) -- Digital coupon library RetailMeNot (SALE) reported better-than-expected quarterly results which sent shares flying over Thursday's session.

By market close, the stock was up 9.4% to $37.27, and 2.6 million shares had changed hands, well over its three-month average daily volume of 622k.

In the three months to December, net revenue of $78.5 million increased 55% year-over-year, exceeding consensus by $10 million. Net income of 32 cents a share beat estimates by 3 cents, according to analysts surveyed by Thomson Reuters.

Quarterly net revenue generated via mobile was up 179% to $11.7 million.

For the full year, total sales of $209.8 million were up 45% compared to 2012, while mobile revenues jumped 213% to $26.6 million. Per-share earnings of $1.07 came in 17 cents higher than expected.

By year end, more than 13.7 million apps had been downloaded internationally, including the company's RetailMeNot, VoucherCodes and Poulpeo apps. Over the quarter, mobile app sessions totaled 116.5 million, nearly seven times the fourth quarter a year earlier.

"Our strong performance in 2013 was enabled by the investments we have made in people, technology and marketing to position the company for long-term growth. In the fourth quarter in particular, we saw these investments pay off," said CEO Cotter Cunningham in a statement.

Stock quotes in this article: SALE 

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