Groupon Surges on Revenue Beat

NEW YORK ( TheStreet) -- Groupon ( GRPN) shares were surging more than 11.5% to $6.25 in extended-hours trading Wednesday after the company exceeded first-quarter revenue forecasts.

"We are encouraged by our results, as our local revenues accelerated and our margins improved over the prior quarter," said Eric Lefkofsky, Groupon's co-CEO, in a statement. "We had record mobile performance as 45% of our North American transactions came from mobile in March, and more than 7 million people downloaded our apps in the quarter."

The discount site said that revenue increased 8% to $601.4 million in the March-ended quarter, compared with $559.3 million in the same time last year.

Net loss in the first quarter narrowed to $3.992 million, or a loss of a penny a share, from $11.695 million, or a loss of 2 cents a share year ago.

Excluding special items, earnings came in at 3 cents a share, which was in line with expectations.

Written by Andrea Tse in New York

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