E-commerce marketplace Groupon Inc. (NASDAQ: GRPN) reported a loss for the first quarter of 2020, compared to profit last year. The bottom line, however, beat the market’s prediction, driving the stock higher during Tuesday’s after-hours session.
Net loss, on an adjusted basis, was $46.2 million or $1.63 per share in the first quarter, compared to a profit of $16.7 million or $0.58 per share a year earlier. Analysts were looking for a wider loss. The unadjusted loss was $7.53 per share, wider than the $1.49 per share loss recorded in the first quarter of 2019.
The unimpressive earnings performance reflects a 35% year-over-year fall in revenue to $374.2 million. Revenues topped the Street view. The number of active customers at the end of the quarter was 41.8 million.
Shares of the company closed Tuesday’s regular trading higher and continued to gain in the after-hours session.