Groupon Swings To Q2 Loss, Revenues Tops View; Names Eric Lefkofsky CEO

(RTTNews) - Groupon Inc. (GRPN) Wednesday reported second-quarter net loss of $7.6 million or $0.01 per share, compared to net income of $28.4 million or $0.04 per share last year.

Adjusted earnings for the quarter were $14.3 million or $0.02 per share, compared to 31.1 million or $0.05 per share last year. On average, 24 analysts polled by Thomson Reuters expected earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose to $608.7 million from $568.3 million last year. Analyst estimated revenues of $606.23 million for the quarter.

Looking forward to the third quarter, the company expects revenue of between $585 million and $635 million. Analysts currently estimate revenues of $621.59 million for the quarter.

Groupon also appointed Eric Lefkofsky as Chief Executive Officer and Ted Leonsis as Chairman of the Board. The company also announced share buy back of $300 million. Following the news, shares of Groupon rallied 13 percent in extended hours trading.