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Groupon quarterly profit beats estimates

Thursday, 7 Nov 2013 | 4:15 PM ET

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)