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- Groupon Inc GRPN reported a third-quarter FY21 revenue decline of 30% year-on-year to $214.2 million, beating the consensus of $213.1 million. Service revenue grew 28.3% Y/Y to $198.98 million.
- Lower demand for the Goods category and the transition from a first-party to a third-party marketplace model drove the decline.
- Global units sold were 15.7 million, down 26% Y/Y driven by lower consumer demand in the Goods category.
- Non-GAAP EPS of $0.38 beat the consensus of $0.07.
- Groupon held $476.8 million in cash and equivalents and used $74.2 million in operating cash flow.
- During the third quarter, we grew our high value, active Local customer base, drove unit growth for customers who engaged with our restriction-free Deals, and demonstrated our ability to impact customer demand, interim CEO Aaron Cooper said.
- The company said the new Square partnership allows local merchants to create Groupon campaigns directly from Square App Marketplace
- Groupon generated $553 million in global billings, of which approximately 76% were Local billings, $214 million in revenue, and $35 million of adjusted EBITDA.
- Groupon sees an FY21 outlook of $950 million - $975 million below the consensus of $984.3 million.
- Price Action: GRPN shares traded higher by 4.76% at $24 premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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