GRPN disappoints.
The press release:
http://finance.yahoo.com/news/Groupon-Announces-Fourth-bw-141225911.html?x=0
Groupon Posts Quarterly Loss
By MICHAEL J. DE LA MERCED
DealBook
New York Times
February 8, 2012, 5:00 pm
Groupon narrowed its fourth-quarter loss to $9.8 million on an adjusted basis, as the online coupon giant sought to demonstrate its continued growth in its first earnings release as a public company.
The loss, which amounts to 2 cents a share, is down sharply from the $185 million loss for the quarter a year ago. The company cited an unusually high tax rate for some of its overseas operations.
The pro-forma figures exclude certain accounting charges, like stock-based compensation. On a generally accepted accounting principles basis, Groupon lost $42.7 million for the quarter.
In other metrics, however, Groupon showed some improvement. Its revenue for the quarter leaped to $506.5 million, up 194 percent from the same time a year ago. The average analyst estimate for quarterly revenues was $475 million, according to Thomson Reuters.
The company also said that it turned an operating profit, of $15 million, for the first time in nearly two years.
From the time Groupon first sought to go public, its story has been built on enormous growth, as it raced to acquire a daunting customer base. The company now claims 33 million active users — those who have purchased at least one deal over the past year — worldwide, up more than 20 percent.
Yet its revenue guidance for the first quarter of this year is highly conservative, expecting just $510 million to $550 million. And while the company has continued to trim its marketing expenses over the past year, to $256,000, its non-marketing costs climbed to $247.4 million.
“This quarter’s results show that our model is just starting to demonstrate leverage – and that Groupon is the clear leader in our space.” said Jason Child, Groupon’s chief financial officer.
Groupon shares fell 6 percent in after-hours trading, to $23.10.
dealbook.nytimes.com |
