Groupon revenue falls, misses expectations
Groupon Inc. reported third-quarter net income of $44.6 million, or 8 cents per share, after income of $59,000, or breakeven, last year. Adjusted EPS was 4 cents. Revenue totaled $592.9 million, down from $634.5 million last year. The FactSet consensus was for EPS of 3 cents and sales of $602.0 million. Global units sold fell 11% to 39.5 million, which the company attributed to lower traffic and its focus on long-term gross profit, "which resulted in fewer units." In North America, the decline was 17%. Groupon shares are up 1.5% in Wednesday premarket trading, but are down 36% for the year to date. The S&P 500 index is up 3.1% for 2018 to date. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.