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Groupon, Inc. (NASDAQ:GRPN) shares are trading lower after it reported second-quarter FY24 results.
Revenue fell 3% Y/Y to $124.6 million, beating the consensus of $121.74 million.
North America revenue rose 3% Y/Y to $98.4 million led by favorable refund rates and higher demand in the Local category.
International revenue declined 21% Y/Y to $26.3 million due to reduced demand in the Local, Goods, and Travel categories.
Gross profit for the second quarter of 2024 was $112.7 million, flat Y/Y.
Adjusted EBITDA stood at $16.5 million in the second quarter of 2024, up from $15.2 million in the same period last year.
Adjusted EPS loss of $0.02 missed the street view of $0.02.
Operating cash inflow was $15.3 million, while free cash flow came in at $10.8 million.
As of June-end, cash and cash equivalents totaled $178.1 million.
Dusan Senkypl, Chief Executive Officer of Groupon, said, “While our transformation still faces numerous challenges, including site reliability, I am confident we can restart the engines of growth and realize our mission to become the ultimate destination for local experiences and services.”
Price Action: GRPN shares are down 17.4% Y/Y to $12.98 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Seth Anderson via Flickr
Posted In: GRPN
