Reuters: Global Markets: Groupon names Lefkofsky CEO; revenue exceeds estimates

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Groupon names Lefkofsky CEO; revenue exceeds estimates Aug 7th 2013, 22:03 Tweet Share this Email Print Related News Groupon quarterly revenue exceeds analyst estimates 4:11pm EDT UPDATE 1-Glu expects bigger-than-expected loss as mobile game demand falls Tue, Aug 6 2013 Glu revenue falls as fewer customers bought mobile games Tue, Aug 6 2013 Analysis & Opinion Facebook answers questions rivals can't Related Topics Tech » Hot Stocks » Asian Markets » The Groupon smartphone app is displayed on a Motorola Droid Bionic cell phone in Denver November 4, 2011. Credit: Reuters/Rick Wilking SAN FRANCISCO | Wed Aug 7, 2013 4:45pm EDT SAN FRANCISCO (Reuters) - Groupon Inc announced a $300 million share repurchase program and tapped interim chief executive Eric Lefkofsky to lead on a permanent basis. . The Chicago-based company, which has struggled with management turmoil and a rapidly crumbling business, reported quarterly revenue that rose to $608.7 million, a stronger-than-expected result that also lends credence to its new mobile-centric strategy. Billings in North America jumped 30 percent for the quarter, a record for the company. Shares rose 11 percent to $9.72 after the bell. With its core daily deals business model in steep decline over the past year, Groupon in recent months has re-invented itself as a more traditional e-commerce business that sells long-term deals through its smartphone app. Shares of the company have risen roughly 80 percent since January 1. Analysts on average expected $606.2 million in revenue, according to Thomson Reuters I/B/E/S. (Reporting by Gerry Shih; Editing by Steve Orlofsky and Carol Bishopric) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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