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November 4, 2015

Groupon reports Q3 results, makes top management changes

News: New CEO appointed as losses widen at voucher site.

By CBR Staff Writer

Groupon reported that its third-quarter revenue fell slightly to $713.6m, from $714.3m for the same period in 2014.

Net loss widened to $27.6m, or $0.04 per share, compared to $21.2m, or $0.03 per share, in the year-ago period.

Gross billings were $1.47bn, compared to $1.49bn.

Global units increased 1% year-over-year to 52 million in Q3, and active deals were about 570,000.

Active customers increased 4% year-on-year to 48.6 million with majority in North America.

The fourth-quarter revenue is expected to be in the range of $815m to $865m and adjusted EBITDA between $40m and $60m.

Groupon interim CFO Brian Kayman said: "Our fourth quarter guidance reflects increased investments in marketing, and a tighter focus on margin improvement, both domestically and abroad."

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Groupon co-founder and CEO Eric Lefkofsky will take over as the board chairman And COO Rich Williams will be the new CEO.

Lefkofsky said: "We’ve successfully transformed Groupon to support our next stage of growth. The business is stable, the marketplace is scaling, and we are ready to take our next big step."

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