Shares of American e-commerce marketplace Groupon Inc (NASDAQ: GRPN) today surged 50% higher after the company reported positive Q2 earnings. The company’s revenues for the three months ended June 30 were $395.6 million beating analysts estimates of $183.3 million.
The eCommerce company also reported a quarterly loss per share of $2.53 versus the expected $2.75.
Aaron Cooper, Groupon’s interim CEO said: “Despite the continuing challenges created by COVID-19, we have made meaningful progress toward stabilizing our business with the goal of returning Groupon to growth.”
Adding that: “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.”
Groupon share price
However, the company’s Q2 revenues still fell 26% as measured against last year’s data, while gross profits fell 53% to $17.3 million.