Groupon ( (GRPN) ) has released its Q3 earnings. Here is a breakdown of the information Groupon presented to its investors.
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Groupon, a leading online marketplace specializing in local services and experiences, has released its financial results for the third quarter of 2024, showcasing notable financial dynamics and strategic moves.
In the third quarter of 2024, Groupon reported global revenue of $114.5 million, hitting the low end of its guidance, while its Adjusted EBITDA surpassed expectations, reaching $14.8 million. The company also announced a significant $197 million financing transaction, underpinning its financial strategy.
Key financial metrics include a 9% year-over-year decline in revenue and a gross profit of $102.9 million, down by 7%. North American operations saw a 9% decrease in revenue, influenced by changes in voucher redemption rates, while international revenue dropped 13%, affected by the exit of the Italian market. Despite these declines, Groupon achieved a net income of $14.5 million, a significant turnaround from a $40.8 million loss in the previous year.
Moving forward, Groupon plans to leverage its new platform enhancements, which have been rolled out across North America, to drive future growth. The company’s management expressed optimism about ongoing improvements and innovations, indicating a commitment to long-term growth and stability in the competitive online marketplace sector.
