Groupon Shares Rise After Profit Tops Analyst Estimates
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Groupon Inc. shares rose after the largest daily-deal website reported first-quarter profit that topped analysts’ estimates, helped by lower marketing costs and expanded international sales.
Profit excluding certain costs was $16.3 million, or 2 cents a share, the Chicago-based company said in a statement yesterday. Revenue jumped 89 percent to $559.3 million from $295.5 million a year earlier. Analysts on average had projected profit of 1 cent on sales of $530.6 million, according to data compiled by Bloomberg. The shares surged as much as 18 percent.