Reuters: Global Markets: Groupon shares leap 28 percent as comeback effort accelerates

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Groupon shares leap 28 percent as comeback effort accelerates Aug 8th 2013, 15:22 Tweet Share this Email Print Related News PRESS DIGEST - Financial Times - August 8 Wed, Aug 7 2013 Groupon names Lefkofsky CEO; revenue exceeds estimates Wed, Aug 7 2013 Groupon quarterly revenue exceeds analyst estimates Wed, Aug 7 2013 Related Topics Hot Stocks » Asian Markets » People enter and leave Groupon Inc corporate office and headquarters in Chicago, Illinois, November 4, 2011. Credit: Reuters/Frank Polich SAN FRANCISCO | Thu Aug 8, 2013 11:22am EDT SAN FRANCISCO (Reuters) - Shares in Groupon Inc (GRPN.O) soared as much as 28 percent on Thursday, chalking up their biggest one-day gain after the once-struggling Internet discounts website showed signs its turnaround effort was gaining momentum. The five-year-old company, which announced a $300 million share repurchase program on Wednesday, reported a better-than-expected 7 percent jump in second-quarter revenue as sales in the United States and Canada climbed 45 percent. With its daily deals business model in steep decline, Groupon has tried to re-invent itself as a more traditional e-commerce business that sells long-term deals, particularly through its smartphone app. But that gets the company deeper into a hotly contested market dominated by Amazon.com Inc (AMZN.O) and eBay (EBAY.O). Eric Lefkofsky, who was named CEO on Wednesday, has pushed a more mobile-centric strategy since the company fired his fellow founder Andrew Mason in February. Mason had presided over a precipitous share price decline, to below $5 from its $20 debut in 2011. Several brokerages including Credit Suisse, UBS and JP Morgan raised their price targets on the stock on Thursday. The shares surged to a high of $11.18 and were up 27 percent at $11.06 in late morning trade. (Reporting by Edwin Chan; Editing by Leslie Gevirtz) 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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