Groupon is making co-founder, and acting CEO Eric Lefkofsky the permanent CEO,
the company just announced.
It also reported better than expected revenue in its second quarter earnings this afternoon.
Here are the numbers:
- Revenue: $US608.7 million versus an expected $US606 million
- EPS: $US0.02 versus $US0.02
- Operating income: $US27.4 million
- Cash on hand: $US1.2 billion
- Guidance for Q3: $US585 million – $US635 million
Here’s the full Q3 2013 guidance from Groupon:
In the third quarter 2013, Groupon expects seasonality to impact the Local business, as people travel more frequently in the summer months. In addition, the Company anticipates continued investment in marketing initiatives to drive long-term growth. As a result, for the third quarter 2013, the Company expects revenue of between $US585 million and $US635 million, operating income excluding stock compensation and acquisition-related expenses of between $US20 million and $US40 million, and EPS excluding stock-compensation and acquisition related expenses, net of tax, of between negative $US0.01 and positive $US0.01. Stock compensation is expected to be approximately $US30 million, or approximately $US20 million net of tax. This outlook assumes no acquisitions or investments, or material changes in foreign exchange rates. Groupon reaffirms its guidance that full year 2013 GAAP operating income will exceed $US100 million.
Groupon also announced that its board of directors authorised a share repurchase program. As part of the program, Groupon is able to buy back up to $US300 million of its Class A common stock over the next two years.
The stock is up 13% after hours at the time of publication.