A good case study for turning-around story...
Groupon sees record profits on shift to mobile
SAN FRANCISCO — Groupon named co-founder Eric Lefkofsky its Chief Executive and reported a record quarter for its North American business, signalling growing momentum in its comeback effort, and its shares rose almost 20 per cent.
The company, which also announced a US$300 million (S$380 million) share repurchase programme yesterday, reported a better-than-expected 7 per cent jump in second-quarter revenue to US$608.7 million, as sales in the United States and Canada climbed 45 per cent.
Mr Lefkofsky, who was named interim CEO in February, has pushed on with his mobile-centric strategy since fellow founder Andrew Mason was replaced in February. The former CEO had presided over a precipitous share price decline to below US$5 from its US$20 debut in 2011.
The stock, which has gained 80 per cent in 2013, rose to US$10.35 in after-hours trade yesterday, its highest since July 2012.
http://www.todayonline.com/business/grou...ift-mobile