Stock Alert: Groupon Gains 35% Following Quarterly Earnings

(RTTNews) - Shares of e-commerce marketplace Groupon, Inc. (GRPN) are surging more than 35% Friday morning on better-than-expected second-quarter results.

The company reported quarterly adjusted loss per diluted share of $0.93, beating the average estimate of analysts polled by Thomson Reuters for $2.75 loss per share.

Revenue was $395.6 million in the second quarter 2020, down 26% from last year.

"In the past four months, we have created significant operating leverage by taking substantial costs out of our business, leaned into categories to drive sales and free cash flow, and steadied the company during the pandemic,"said Aaron Cooper, Interim CEO of Groupon.

GRPN is currently trading at $22.87. It has traded in the range of $9.60- $63.20 in the last one year.