Groupon investors got a break yesterday from accounting woes
and missed expectations. Shares of the
daily deals service soared 17 percent in late trading after the company
reported better-than-expected results for the first quarter.
Groupon’s stock has been battered by financial missteps and
heavy spending. The shares have lost half their value since the company went
public at $20 a pop in November.
Investors were anticipating good news. Groupon rose 18.5
percent to close at $11.73 before the earnings report. First-quarter profit excluding certain costs
was $16.3 million, or 2 cents a share. Revenue jumped almost 90 percent to $560
million. Analysts had expected profit of
1 cent and revenue of $531 million, according to Bloomberg.
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