When Groupon Inc. (NASDAQ: GRPN) reported second-quarter financial results after markets closed on Thursday, the online marketplace provider said that it had a net loss of $0.93 per share and $395.6 million in revenue. Consensus estimates had called for a net loss of $2.75 per share and just $183.3 million in revenue. The same period of last year reportedly had EPS of $0.24 on $532.6 million in revenue.
During the second quarter, North American gross profit decreased by 48.8% to $101.69 million. International gross profit decreased 62.0% to $35.53 million, down 61.0% on a currency neutral basis. North America active customers numbered 22.8 million, and International active customers were at 15.3 million at the end of the quarter.
Both of these segments were driven down primarily due to the negative impact of the COVID-19 pandemic on demand and refund levels and lower Goods performance throughout the quarter. Gross profit in the second quarter decreased by 53% to $137.2 million.
Global units sold were down 35% to 23 million in the second quarter. In the second quarter 2020, North America units were down 64% in Local and up 31% in Goods. International units were down 72% in Local and up 44% in Goods.
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Restructuring charges were $40.5 million in second-quarter 2020 and were related to its multiphase restructuring plan announced in April 2020.
The company ended the second quarter with $784.7 million in cash, up from $750.9 million at the end of the previous fiscal year.
The company offered no guidance. However, analysts project a net loss of $1.39 per share and $242.84 million in revenue in the third quarter.
Groupon stock traded up more than 34% early Friday at $22.13, in a 52-week range of $9.60 to $63.20. The consensus price target is $24.40.
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