Groupon Issues Second Quarter Earnings Release

Rhea-AI Summary

Groupon (NASDAQ: GRPN) reported local billings of $361 million in Q2, reflecting a 5% increase (FX-neutral) from Q1. The company announced a plan to cut annual expenses by $150 million as part of its turnaround strategy. Additionally, Groupon reiterated its 2023 financial targets, aiming for stability and growth.

Positive

• Local billings of $361 million, up 5% (FX-neutral) from Q1.
• Plan to lower annual expenses by $150 million.
• Reiterated 2023 financial targets.

Negative

• None.

Local billings of $361 million, up 5% (FX-neutral) from the first quarter

Announces plan to lower annual expenses by $150 million; Executing turnaround strategy

Reiterates 2023 Financial Targets

CHICAGO--(BUSINESS WIRE)-- Groupon (NASDAQ:GRPN) issued its second quarter earnings press release today and announced a plan to lower annual expenses and outlined progress on the company’s turnaround strategy.

The second quarter earnings materials are posted on Groupon’s Investor Relations site located at investor.groupon.com.

About Groupon

Groupon (www.groupon.com) (NASDAQ: GRPN) is a trusted local marketplace where consumers go to buy services and experiences that make life more interesting and deliver boundless value. To find out more about Groupon, please visit https://about.groupon.com/press.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005699/en/

Investor Relations Contact(s):

Jennifer Beugelmans

Jordan Kever

Megan Petrous

ir@groupon.com

Media Relations Contact:

Nick Halliwell

press@groupon.com

Source: Groupon

FAQ

What were Groupon's Q2 earnings for 2023?

Groupon reported local billings of $361 million in Q2 2023, a 5% increase from Q1.

What expense reductions did Groupon announce?

Groupon announced a plan to cut annual expenses by $150 million.

Did Groupon change its financial targets for 2023?

No, Groupon reiterated its financial targets for 2023.