Groupon Inc. (NASDAQ:GRPN) shares are trading higher premarket on Thursday. The company reported first-quarter financial results after the market closed on Wednesday.
The company reported revenue of $117.2 million, beating estimates of $115.5 million, according to Benzinga Pro.
Revenue was down 5% (+4% FX-neutral) compared to last year’s first quarter (Y/Y).
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Groupon reported an EPS of 18 cents, versus estimates for a loss of 11 cents.
Gross billings totaled $386.5 million in the first quarter, up 1% Y/Y (+2% Y/Y FX-neutral).
Dusan Senkypl, CEO of Groupon said, “With North America Local Billings accelerating to double-digit growth and our local marketplace strategy showing green shoots across geographies and verticals, we are building momentum and expect to continue to accelerate our growth.”
Unit sales were 8.5 million, down 6% year over year, and active customers were 15.5 million as of March 31, down 4% year over year.
Gross profit dipped 4% Y/Y to $106.3 million, and adjusted EBITDA declined to $15.3 million from $19.5 million in the prior year quarter.
Groupon’s operating cash flow was flat, and free cash outflow was $3.8 million in the quarter.
The company ended the period with $226.8 million in cash and cash equivalents.
Outlook: Groupon expects second-quarter revenue of $121 million to $123 million vs. consensus of $119.66 million.
The company expects second-quarter billings to be up 4% to 7% year over year and adjusted EBITDA to be between $14 million and $17 million.
Groupon guided for full-year billings growth of 3% to 4% (vs. 2% to 4% prior), and reaffirms revenue outlook of $493 million to $500 million (vs. street view of $496.96 million).
Price Action: GRPN shares are up 12.2% at $19.06 premarket at the last check on Thursday.
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This article Groupon Posts Surprise Q1 Profit, Raises Annual Outlook originally appeared on Benzinga.com
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