Groupon posted a solid quarterly report which included increased customer activity but lost sales due to unfavourable foreign exchange rates.
The discount deals website reported gross billings of US$1.29bn, up 38% from the $292.2m posted last year with 38.046 million active customers across the world, an increase from the first quarter findings.
Despite revenue of US$568.3 million, up 45% from $392.6 million a year ago, the website fell below the Street consensus at $573.1 million as the company noted turnover was reduced by $32.4 million by unfavorable foreign exchange rates.
“We had a solid quarter despite challenges in Europe and continued investment in technology and infrastructure,” says Andrew Mason, Groupon CEO.
“We’ve deepened our relationships with a growing base of merchants and customers worldwide, demonstrating progress as we work to unlock the opportunity in local commerce.”
With a revenue increase of 65.5% in the US along with a 30.9% rise from international operations, the company forecasts revenue of $580 million to $620 million for the third quarter with Wall Street predicting $604.5 million.