Groupon Inc Reports Profit that Beats Analysts Estimates; Shares Jump
Groupon Inc, the online discount marketplace reported quarterly profits that surpassed expectations and it had a big effect on its shares which took big leaps jumping almost twenty percent.
Groupon left the expectations far behind reporting revenue of $917.2 million vs. $845.9 million forecasted. The company's margins got a push from strong sales in North America as well as its restructuring businesses plans.
Groupon is a global e-commerce marketplace that connects millions of subscribers with their local businesses by offering goods, activities, travel, and services in forty five or more countries. In last one year shares of the company had dropped seventy percent. Last year, the company moved out of nineteen markets globally to focus more in its business in North America, its biggest market. The company has strategically offloading its low-margin businesses like consumer electronics. Groupon also made new efforts in marketing efforts under its new CEO Executive Rich Williams.
Brian Kayman , the company's interim Chief Financial Officer said that the holiday shopping weekend also contributed greatly to strong quarter. According to the company in December its billings in North American grew forty one percent from Black Friday to Cyber Monday.
New Zealand News
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