Groupon reports 7.5% rise in Q1 revenue, net loss narrows

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by CBR Staff Writer| 09 May 2013

The company expects to post revenue in the range of $575m and $625m for the second quarter 2013.

Online deals firm Groupon has reported a 7.5% rise in its revenue to $601.4m for the first quarter of 2013, compared to the corresponding quarter in 2012.

Groupon posted a revenue of $638.3m in the fourth quarter of 2012 and that led to the company firing its founder and CEO Andrew Mason after dismal quarter.

For the first quarter of 2013, the company's gross billings increased 3.9% to $1.4bn, compared to $1.35bn for the same period last year.

Net loss for the first quarter was $4m, or $0.01 per share, compared to $11.6m, or $0.02 per share, for the same period previous year.

Operating income declined to $21.2m in the quarter, compared to $39.6m in the year ago period.

Revenue in North America region increased 23.1% to $681.3m in the quarter while international revenue declined 9.3% to $726m.

Groupon chairman and co-CEO Eric Lefkofsky said: "We are encouraged by our results, as our local revenues accelerated and our margins improved over the prior quarter."

"We had record mobile performance as 45% of our North American transactions came from mobile in March, and more than 7 million people downloaded our apps in the quarter," Lefkofsky said.

Groupon expects to post revenue in the range of $575m and $625m for the second quarter 2013.

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