Groupon Inc (NASDAQ:GRPN) posted a lower-than-expected loss for its second quarter on Thursday.
Second-quarter revenue of $396 million and gross profit was $137 million. Second-quarter loss from continuing operations was $73 million. Second-quarter Adjusted EBITDA of $1 million. Second quarter GAAP net loss per diluted share was $2.53
CEO Aaron Cooper 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.
"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. We have a growth strategy and execution plan to win in the trillion-dollar Local market. With a resilient business model, nimble organization, and a relentless focus on executing our growth strategy, we are well positioned for the future."
International gross profit in the second quarter 2020 decreased 62% to $35.5 million (61% FX-neutral), primarily driven by the impacts of COVID-19 on volume. Local gross profit in the second quarter 2020 decreased 77% to $14.8 million (77% FX-neutral). Goods gross profit decreased 3% to $19.9 million (about flat FX-neutral). Travel gross profit decreased 89% to $0.8 million (89% FX-neutral).
Groupon towered over Thursday’s close by $7.39, or 44.9%, to $23.84.
