Groupon shares climb on Q1 earnings beat
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Shares of Groupon climbed as much as 10 percent Wednesday morning after the company reported better-than-expected first quarter financial results.
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The daily deals company reported a first quarter net loss of $6.9 million, or one cent per share.
The non-GAAP EPS was three cents per share on a revenue of $626.5 million, down by seven percent year-over-year.
Wall Street was expecting earnings to be flat with revenue of at least $603.8 million.
For the second quarter, Wall Street is expecting Groupon to deliver $612.2 million in revenue with non-GAAP earnings of three cents per share.
Groupon didn't disclose Q2 guidance in its earnings release, but it is now raising adjusted EBITDA expectations partially based on forecasted returns from its purchase of Vouchercloud.
For the full year 2018, Groupon expects adjusted EBITDA to be between $280 million and $290 million, up from the previous range of $260 million and $270 million.
Groupon said its profits in North America decreased by one percent in Q1 while its active customer base in the region grew by one percent to 32.6 million. Its active customer base internationally sits at 17 million.
Groupon CEO Rich Williams credited Groupon's international momentum on improvements to its product, supply and marketing initiatives.
"In addition, we signed a number of new partnerships that connect more high quality local offers with our customer scale and solidify our position as a true platform in local," Williams said.