Groupon beats by $0.02, misses on revs; reaffirms FY17 guidance:
- Reports Q1 (Mar) earnings of $0.01 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of ($0.01); revenues fell 3.6% year/year to $673.63 mln vs the $721.93 mln Capital IQ Consensus.
- North America active customers reached 31.6 million as of March 31, 2017, adding 500 thousand during the first quarter 2017. Active customers represent unique user accounts that have made a purchase through one of our online marketplaces during the trailing twelve months. International active customers were roughly flat sequentially at 16.7 million as of March 31, 2017.
- Gross billings were $1.36 billion in the first quarter 2017, down 1% (flat FX-neutral) from $1.37 billion in the first quarter 2016.
- Global units sold declined 3% year-over-year to 45.7 million. Units in North America were flat driven by high single digit growth in Local and declines in Goods, while International declined 9%. Units are defined as purchases made through our online marketplaces, before refunds and cancellations.
- Guidance:
- Groupon is reiterating its outlook for 2017, which reflects current foreign exchange rates, as well as expected marketing investments and cost benefits associated with our streamlining initiatives. The basis for our full year 2017 guidance is continuing operations.
- For the full year 2017, Groupon expects gross profit to be in the range of $1.30 billion to $1.35 billion.
- Groupon expects Adjusted EBITDA to be in the range of $200 million to $240 million in 2017.
- Groupon is reiterating its outlook for 2017, which reflects current foreign exchange rates, as well as expected marketing investments and cost benefits associated with our streamlining initiatives. The basis for our full year 2017 guidance is continuing operations.
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