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News Breaks
February 21, 2014
11:03 EDTSALE, GRPN, EBAY, RLOCGroupon plunges after forecasting losses in current quarter
Shares of Groupon (GRPN), a local e-commerce marketplace which offers discounted goods and services, are falling after the company’s first quarter profit forecast significantly trailed analysts’ consensus estimates. WHAT'S NEW: Last night, Groupon reported fourth quarter earnings per share of 4c and revenue of $768.4M, compared to expectations of 2c and $718M, respectively. At the end of Q4, on average, active deals in North America were approximately 80,000, compared with more than 65,000 at the end of Q3. Active customers grew 9% year-over-year, to 44.9M as of December 31, 2013. WHAT’S NOTABLE: The company forecast first quarter losses per share 2c-4c, which was far below expectations of 6c per share in earnings. Revenue for Q1 was seen at $710M-$760M, versus consensus of $668.6M. Groupon said it expects one-time costs related to the integration of its recent acquisitions, specifically as it consolidates Ticket Monster with its Korean business, and anticipates approximately $25M of additional investment in marketing and other growth initiatives to drive adoption of the marketplace. Together, in Q1, newly-acquired LivingSocial Korea and Ideeli are expected to contribute approximately $50M to revenue and have an approximately $20M negative impact on adjusted EBITDA, Groupon said. ANALYST REACTION: This morning, analyst commentary was mixed. Research firm RBC Capital downgraded Groupon to Underperform from Sector Perform after the company's 2014 EBITDA guidance came in significantly below expectations and it reported that its billings growth rates had deteriorated in Q4. The firm lowered its price target on the shares to $7 from $11. Conversely, Piper Jaffray said Groupon’s quarter was “not as bad as it looks.” The firm attributed the post-earnings pullback in shares of Groupon to the company's North America local billings decelerating to 2% year-over-year growth and it’s weaker than expected earnings guidance. Piper kept an Overweight rating on the stock with a $15 price target. The firm believes Groupon remains well positioned to build a deal marketplace, Piper added. PRICE ACTION: In morning trading, Groupon dropped $1.73, or 16.9%, to $8.55 on more than twice its average daily trading volume. Despite today’s slide, the stock is up by approximately 48% over the past twelve months. OTHERS TO WATCH: eBay (EBAY) owns an online marketplace with a significant mobile presence. RetailMeNot (SALE) operates a digital coupon marketplace. ReachLocal (RLOC) owns DealOn Media, a local deals company.
News For GRPN;EBAY;RLOC;SALE From The Last 14 Days
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