Groupon turns a profit, but sales fall short

Groupon goes public, Friday November 4, 2011

(Credit: Groupon)

The struggling daily deals pioneer reported a profit in the second quarte, but sales short of expectations.

Sales rose 45 percent to $568.3 million compared with the year-ago quarter, but Wall Street's was looking for sales $574.8 million. The Chicago-based company posted net income of $28.4 million, or 4 cents a share, compared with net loss of $107.4 million, or 35 cents a share, a year earlier.

"We had a solid quarter despite challenges in Europe and continued investment in technology and infrastructure," Andrew Mason, CEO of Groupon, said in a statement. "We've deepened our relationships with a growing base of merchants and customers worldwide, demonstrating progress as we work to unlock the opportunity in local commerce."

More to come. [Read more]



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