Groupon Revenue Up 5% As It Acquires Ticket Monster
Groupon released its earnings report for the third quarter, and announced an agreement to acquire Ticket Monster from its rival LivingSocial for $260 million cash and stock.
Revenue was up 5% year over year at $595.1 million. Gross profit was down to $359.6 million compared to $386.8 million for the same quarter last year.
“Our Local business showed continued strength in the quarter, particularly in North America,” said Eric Lefkofsky, CEO of Groupon. “Mobile adoption continued to increase in Q3, reflected in our record 9 million app downloads. We’re pleased with our progress, but we still have work to do as we transform the business from our daily deal email roots to a full ecommerce marketplace.”
“We’re also excited to announce today that we’ve signed an agreement to acquire Ticket Monster, one of the leading ecommerce companies in Korea,” said Lefkofsky. “Ticket Monster has been successful building a mobile commerce business in one of the largest markets in the world. It will serve as the cornerstone of our Asian business, bringing scale and ecommerce expertise to that region.”
The deal is expected to close in the first half of next year.
|Small Business News is brought to you by iEntry, Inc.|