Groupon Continues Recent Recovery In Q1, Nets $601 In Revenue
Daily deals and POS platform Groupon reported an 8 percent revenue rise in the first quarter of 2013, which helped keep the stock in line with investor expectations. The company's first quarter performance was buoyed by higher-than-anticipated sales of $601.4 million, improved margins and strong local earnings.
Groupon's revenue figure was down from the $638.8 million it earned in Q4, when holiday spending gave the company's bottom line a boost. However, it was up from the $559.3 million observed during the first quarter of last year.
A key metric for Groupon has long been gross billings, which it says is a prime indicator of the total dollar value of customer purchases on products and services. Gross billings were down this quarter, from the $1.52 billion seen in the final quarter of 2012, but they were not far off at $1.41 billion.
“We had record mobile performance as 45 percent of our North American transactions came from mobile in March, and more than 7 million people downloaded our apps in the quarter," Eric Lefkofsky, co-CEO of the Illinois-based company, said in a release.
The report marked continued good news for interim CEO Lefkofsky and fellow co-CEO Ted Loensis, who currently also serve as the executive chairman and vice chairman of the company, respectively. Both employees took over for Andrew Mason, who was replaced as CEO in January.
Read the full report here.