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Groupon shares go nuts after earnings crush expectations
(Thomson Reuters)
The Groupon smartphone app is displayed on a Motorola Droid Bionic cell phone in Denver
Shares of online discount marketplace Groupon are jumping nearly 20% after the company reported stronger than expected earnings.
Groupon crushed estimates, reporting revenue of $917.2 million against expectations for $845.9 million.
Adjusted earnings per share was $0.04 against expectations for a breakeven quarter.
In response the stock jumped as much as 20% in after hours trading.
Shares were up about 16% near 4:45 p.m. ET.
Groupon has had a precipitous fall from grace over the past few years. Since its anticipated IPO in 2012 the stock had fallen 92% as of close Thursday.
After consistent disappointing growth and sliding profits, the company replaced its founder and CEO in November.
"Following a stronger than expected fourth quarter, we enter 2016 with a continued focus on streamlining our global operations, reducing our reliance on low margin products in our shopping business and rekindling our customer acquisition efforts to set the stage for accelerated growth," wrote CEO Rich Williams in the earnings release.
Whether this is a turnaround or a brief comeback remains to be seen.
(Google Finance)
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