Groupon Reports Q1 2013 Revenues Of $601.4 Million

Groupon LogoGroupon announced their first quarter financials on Wednesday.  The company reported revenues of $601.4 million in revenues and an EPS of $0.03.  Analysts were expecting revenues of $592 million and an EPS of $0.03.  The company’s net loss was $81.1 million.

The company’s gross billings were $1.41 billion for Q1 2013, down from $1.52 billion in Q4 2012.  In the last quarter, Groupon reported revenues of $638.3 million with a loss of $0.12 per share.

As of December 31, 2012, Groupon had around 41 million active customers.  The company is now reporting that they have 41.7 million, which is an indication that growth slowed down a bit this quarter.

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

Last month Groupon updated their mobile applications to support global search and Android tablets.  During the past quarter, Groupon co-founder and CEO Andrew Mason was fired.  They also hired the team behind MashLogic.

Groupon went public on November 4, 2011.  The company’s shares jumped over 50% to a high of $29.52 after setting the share price to $20 each.  On November 22, 2011, the company’s stock price dropped below the IPO level.  Today the stock price is trading at below $6 with a market cap of around $3.7 billion.

Around one year before going public, it was reported that Google offered to buy-out Groupon for $5.3 billion with a $700 million earn out.

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