Groupon reports rise in revenues

Groupon's latest financial results confirm that the company's revenues were up in the first quarter of the year compared to the same period a year ago.

The firm made $601.4 million (£387 million) between January and March, which is up 7.5 per cent on a year ago. This was better than the $590 million forecast by analysts.

Co-chief executive Eric Lefkofsky stated he is encouraged by the company's latest financial data, which showed its net loss slimmed down to $3.24 million from $3.59 million a year earlier.

Later today (May 9th), shares in the company will open at 5.59 on the Nasdaq index, which is well down from the price of $20 the firm was initially floated in November 2011.

But on the back of the news its revenues have been growing in recent months, stocks in the company surged 12 per cent during extended trading to 6.26.

Mr Lefkofsky and Ted Leonsis were named as temporary joint chief executives of the company at the end of February after founder Andrew Mason left.

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