Groupon Inc (NASDAQ:GRPN) stock was up on Wednesday following the release of its earnings report for the third quarter of 2017.
Groupon Inc’s strong profit reported in the third quarter of the year was good news for GRPN stock. The company reported gross profit of $309.4 million during the quarter. This is up 6% from the $293.3 million in gross profit reported in the third quarter of 2017.
During the third quarter of the year, Groupon Inc reported North America gross profit of $207.9 million. This is a 3% increase over its gross profit of $201.7 million reported in the same period of the year prior.
International gross profit reported by Groupon Inc for the third quarter of 2017 was $101.5 million. The online marketplace reported gross profit of $91.6 million during the third quarter of the previous year.
As a result of its strong third quarter of 2017, Groupon Inc is updating its gross profit guidance for 2017. GRPN says that it now expects gross profit for the year to range from $1.305 billion to $1.355 billion.
The rest of Groupon Inc’s earnings report includes earnings per share of one penny on revenue of $634.47 million. This is a bit of good and bad news for GRPN. Wall Street was looking for earnings per share to be flat and revenue of $643 million for the third quarter of the year.
Groupon Inc also announced some changes to its leadership today. The first is that Deborah Wahl is joining its Board of Directors. In addition to this, Brad Keywell and Jeff Housenbold will be leaving the Board. GRPN also notes that Steve Krenzer is its new COO.
GRPN stock was up 2% as of Wednesday morning and is up 46% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
