Groupon (NASDAQ:GRPN) reported its earnings results for its latest quarter, amassing earnings that were stronger than what Wall Street called for, while revenue took a step back when compared to the year-ago quarter, yet it still managed to top what the Wall Street consensus estimate called for, helping to lift GRPN stock after the bell Tuesday.
The Chicago, Ill.-based online coupon business said that for its first quarter of its fiscal 2019, it brought in net income at a loss of 7 cents per share, which is wider than its year-ago loss of a penny per share. Its adjusted earnings of roughly 3 cents per share, which is the same amount it brought in during the same period in 2018.
Analysts were calling for Groupon to bring in adjusted earnings at the breakeven point. The business added that its sales for the period reached $578.4 million, marking an 8% decline when compared to the same period in 2018, yet the amount was stronger than what Wall Street projected.
“In the first quarter we made solid progress on our strategy and initiatives to improve the customer experience, expand our platform, grow our international business and continue our focus on operational rigor,” said Groupon CEO Rich Williams. “The year is off to a stronger than expected financial start, which should allow us to accelerate our investments in a number of our initiatives as we move through the first half.”
GRPN stock is up about 3.1% after the bell today off the heels of a strong quarterly earnings and sales performance. Shares gained roughly 0.3% during regular trading hours.
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