Groupon quarterly profit beats estimates
Nov 7 (Reuters) - Groupon Inc's third-quarter profit beat analysts' estimates as the world's largest daily deals company reported strong growth in North America.
The company also said it agreed to buy rival e-commerce company LivingSocial Inc's South Korean unit, Ticket Monster, for $260 million in cash and stock.
Groupon's loss narrowed to $2.6 million, or breakeven per share, in the quarter ended Sept. 30 from $3 million, or breakeven, a year earlier.
Excluding items, the company reported a profit of 2 cents per share, above analysts' average estimate of a profit of 1 cent per share.
Revenue rose 5 percent to $595.1 million. Analysts had expected $615.69 million, according to Thomson Reuters I/B/E/S.
Gross billings, which reflects the gross amounts collected from customers for Groupons sold, increased 10 percent to $1.34 billion.
Groupon shares were down 10 percent in extended trading.
(Reporting by Soham Chatterjee; Editing by; Editing by Joyjeet Das)