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Groupon, Inc.

5/20/2013, 11:04 PM ET

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Thursday, May 16, 4:03 PM More on Groupon: Interim co-CEOs Eric Lefkofsky and Ted Leonsis say Groupon is unlikely to name a new full-time CEO before next year. Leonsis: "We are just starting the process. We want to bring in a world-class leader, but the talent pool is not huge." The willingness of a candidate to work with Lefkofsky, who (together with his wife) owns 26% of the company and has a controversial history, could end up being a factor. Comment! [Tech]
Thursday, May 16, 2:45 PM Groupon (GRPN +4%) can eventually produce $100B/year in sales, co-CEO Ted Leonsis insists; the remark could be giving a lift to shares, as tough as it may be to buy into. For reference, Groupon's 2013 consensus revenue forecast is $2.5B, and Amazon's consensus is $74.8B. Much like the departed Andrew Mason, Groupon's leadership sees the company reaching such lofty heights by developing into a soup-to-nuts local commerce services provider for merchants (with a strong mobile component), and expanding into many new product/services categories. Comment! [Tech, On the Move]
Wednesday, May 15, 10:05 AM In addition to taking a 4.2% stake in Zynga, Barry Rosenstein's Jana Partners bought 21.9M shares of Groupon (GRPN +6.4%), which is good for a 3.3% stake in the company. Jana has also bought 2M shares of InterActiveCorp (IACI +1.1%), which amounts to a 2.4% stake. Tiger Global, George Soros, and Paul Tudor Jones have disclosed positions in Groupon in the past. (13F) Comment! [Tech, On the Move, Breaking News]
Tuesday, May 14, 1:49 PM PayPal (EBAY) is pulling out all the stops to challenge Square in the iPad cash register space: it's now offering free payment processing for 2013 to any U.S. business that exchanges a register for a PayPal Here solution, which includes a stand, cash drawer, and printer. Meanwhile, Square is rolling out a $299 stand/card swiper for its iPad solution, and Groupon (GRPN) is launching a register app, rebranding its mobile payments unit (includes a restaurant app) as Breadcrumb, and offering $5K in free payment processing to new clients. VeriFone (PAY) and NCR, whose traditional offerings are threatened by the likes of Square, also offer iPad point-of-sale solutions, as does NetSuite's (N) Retail Anywhere unit. 1 Comment [Tech, Consumer]
Thursday, May 9, 2:42 PM Positive sell-side commentary helps Groupon (GRPN +11.3%) remain sharply higher following its Q1 revenue beat, which featured Q/Q gross margin and take rate improvements. "Groupon's [daily deals] leadership position will yield a growing, albeit slow, business in 2014 and 2015," says Gene Munster, whose pre-earnings predictions (I, II) were off the mark for both Q4 and Q1. Strong mobile numbers are also encouraging bulls: 45% of Q1 North American transactions took place via a mobile device, up from less than 40% in Q4. The number of customers to have bought a Groupon in the trailing 12 months rose by 700K Q/Q to 41.7M. (transcript) 1 Comment [Tech, On the Move]
Thursday, May 9, 9:10 AM Premarket gainers: BKS +29%. TSLA +24%. CTRP +17%. GMCR +15%. GRPN +15%. XOMA +12%. TC +12%. OWW +7%. AFFY +7%. WAC +7%.
Losers: LPSN -22%. RAX -21%. PZZI -17%. GV -11%. MNST -10%. SSNC -7%. HEK -7%. 2 Comments [On the Move]
Wednesday, May 8, 6:32 PM Groupon (GRPN) is in no rush to find a permanent CEO, co-CEO Ted Leonsis states during the daily deals leader's Q1 call. Discussing the gulf between Groupon's relatively healthy North American numbers and its European weakness, COO Kal Raman said there's "a tale of two Groupons." The company is hoping tech consolidation efforts will give international a lift. Regarding Groupon's still-low e-commerce margins, CFO Jason Child admitted Groupon's fulfillment, shipping, and infrastructure costs are too high. He promises margins will improve, but adds Groupon will continue optimizing for growth. (live blog) Shares +10.2% AH. (Q1: I, II) 1 Comment [Tech]
Wednesday, May 8, 5:53 PM After-hours top gainers, as of 5:30 p.m.: TSLA +17%. GMCR +12%. GRPN +10%. EOX +6%. EXAM +6%.
After-hours top losers: RAX -17%. OME -14%. LPSN -13%. MNST -12%. OFIX -9%. Comment! [On the Move]
Wednesday, May 8, 4:51 PM More on Groupon: Billings +4% Y/Y in Q1 to $1.41B. Take rate was 42.7%, up from Q4's 42%. North America revenue +42% (was +109% in Q4), international -18% (-19% in Q4). NA billings +23%, international -9%. Daily deals stabilized: 3rd Party and Other sales were $439.1M, -19% Y/Y but +6% Q/Q. Direct (e-commerce sales) were $162.3M, up over 8x Y/Y but -28% Q/Q (is it just seasonality?). Gross margin was 63%, down from Q1 2012's 78.6% but up from Q4's 55.7%. E-commerce GM still low at 6.1%, daily deals GM at 84%. SG&A spend +9% Y/Y to $308.2M, marketing -57% to $49.6M. GRPN +11.1% AH. CC at 5PM ET (webcast). (slides) (PR) 1 Comment [Tech, Earnings]
Wednesday, May 8, 4:11 PM Groupon (GRPN): Q1 EPS of -$0.03 in-line. Revenue of $601.4M (+8% Y/Y) beats by $12.5M. Expects Q2 revenue of $575M-$625M vs. $616.1M consensus. Expects Q2 operating income of $20M-$40M, reaffirms 2013 GAAP operating income guidance of $100M+. Shares +12.2% AH. (PR) 3 Comments [Tech, Earnings, On the Move, Breaking News, Top Stories]
Wednesday, May 8, 9:46 AM Ahead of today's Q1 report, Groupon (GRPN +1.9%) discloses Groupon Goods chief Faisal Masud is leaving the company to become the head of Staples' (SPLS +0.4%) e-commerce ops. The Groupon Goods e-commerce business has been growing rapidly in recent quarters, helping offset slumping daily deals sales. But margins have remained low. Maisul's departure will happen a little over two months after CEO Andrew Mason was sacked. Comment! [Tech]
Wednesday, May 8, 12:10 AM Notable earnings after Wednesday’s close: AHT, ALJ, ATLS, ATVI, AVNR, CF, CLNE, CLR, CTL, CTRP, CUZ, CXW, DEPO, DK, ERII, ETE, ETP, GMCR, GRPN, GSS, HALO, HEK, HNSN, JOE, LPSN, MBLX, MDR, MED, MIDD, MM, MNST, MNTX, MWE, NWSA, OSUR, PPO, PVA, QTM, RAX, RGP, RIG, RST, SGMO, SPRD, SSRI, STEC, SXL, SZYM, TCAP, TSLA, WR, XTEX Comment! [Earnings]
Tuesday, May 7, 5:35 PM Notable earnings after Wednesday’s close: AHT, ALJ, ATLS, ATVI, AVNR, CF, CLNE, CLR, CTL, CTRP, CUZ, CXW, DEPO, DK, ERII, ETE, ETP, GMCR, GRPN, GSS, HALO, HEK, HNSN, JOE, LPSN, MBLX, MDR, MED, MIDD, MM, MNST, MNTX, MWE, NWSA, OSUR, PPO, PVA, QTM, RAX, RGP, RIG, RST, SGMO, SPRD, SSRI, STEC, SXL, SZYM, TCAP, TSLA, WR, XTEX Comment! [Earnings]
Monday, May 6, 12:45 PM Groupon's (GRPN -5%) Q2 guidance will likely miss consensus when the company delivers its Q1 report on Wednesday, says Piper's Gene Munster in a note that's pressuring the daily deals leader. Munster was bullish on Groupon prior to its Q4 disaster; shares have since recovered most of their post-earnings losses. 2 Comments [Tech, On the Move]
Friday, April 26, 5:12 PM Top Groupon (GRPN) rival LivingSocial says 50M customer accounts were hacked. Names, e-mail addresses, and encrypted passwords were accessed, but not credit card numbers. The breach comes shortly after Amazon (AMZN), which owns 29% of LivingSocial, provided more dispiriting financial data for the daily deals site in its Q1 10-Q. Though LivingSocial's revenue rose 23% Y/Y in Q1 to $135M, it also posted a $50M net loss. (2012 figures) 3 Comments [Tech]
Thursday, April 11, 1:53 PM Groupon (GRPN +6.6%) rallies after Gene Munster argues the company could deliver a Q1 daily deals take rate of 33%, something the Piper analyst believes would translate into revenue of $607M (above a $590.2M consensus). Munster was also bullish on Groupon going into its not-too-well-received Q4 report. Comment! [Tech, On the Move]

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