NEW YORK (TheStreet) –– Groupon's (GRPN - Get Report) second quarter will highlight how the company is trying to remake itself from a daily deals Web site into an e-commerce company that can compete with the likes of Amazon (AMZN), even if that transformation continues to take longer than expected by investors.
In the first quarter, buoyed by acquisitions, Groupon saw revenue growth of 26% year over year, as well as a 29% increase in gross billings growth. Sales were $757.6 million. The company reported an adjusted loss of 1 cents a share but the results were better than analysts' expectations.
Following the results, Groupon raised its full-year adjusted EBITDA guidance to $300 million as it seeks to boost its first-party (1P) business and shift away from its third-party (3P) business, which has higher gross margins.
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