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Groupon stock soars as results top Street view

Groupon Inc. shares soared in the extended session Thursday after the online-coupon company beat Wall Street estimates by a wide margin in the second quarter. Groupon shares rallied 30% after hours, following a 0.5% decline in the regular session to close at $16.45. The company reported a second-quarter loss of $72.1 million, or $2.53 a share, compared with $40.2 million, or $1.42 a share, in the year-ago period. Excluding such items as stock-based compensation, the adjusted loss was 93 cents a share. Revenue declined to $395.6 million from $532.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $2.75 a share on revenue of $183.3 million. Groupon said it would start on a second round of layoffs in August to reduce expenses but did not provide a specific headcount for the phase. Back in April, Groupon said it was cutting or furloughing about 44% of its total workforce by July 2021.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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