Groupon Surges on Q1 Earnings Results

Daily deals site Groupon

released its fiscal first-quarter results after the closing bell on Wednesday. The company reported earnings per share that were in-line with Wall Street estimates and revenue that was above consensus. In late trade, the stock was last up 12 percent to $6.25. The company reported a net loss for the period of $4.0 million or $0.01 per share, compared to $11.7 million or $0.02 per share, in last year's corresponding quarter. On an adjusted basis, net income was $0.03, which was in-line with estimates. Net revenue for the first-quarter was up 7.5 percent to $601.4 million from $559.3 million last year. This easily topped Wall Street consensus sales estimates of $588.92 million. Looking ahead to the second-quarter, Groupon guided for revenue of $575 million to $625 million. This compares to current consensus sales estimates of $616.14 million for the second-quarter.