Groupon, Inc. (GRPN) reported a second quarter non GAAP loss per share of $0.93, compared to profit of $0.24, a year ago. On average, ten analysts polled by Thomson Reuters expected the company to report a loss per share of $2.75, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $1.3 million, compared to $46.5 million, last year.
Second quarter revenue was $395.6 million, down 26% (25% FX-neutral) from prior year. Global units sold were down 35% to 23 million largely driven by the impact of COVID-19 on demand. Analysts expected revenue of $200.53 million for the quarter.
Groupon said the company will begin executing the second phase of its restructuring plan in August, which will include additional workforce reductions. Once fully implemented, the multi-phase restructuring plan is expected to deliver approximately $225 million in annualized fixed cost savings.
For 2020, the company expects to realize approximately $140 million in savings from the combination of multi-phase restructuring actions and furloughs. For 2021, the company expects to realize approximately $200 million in savings from restructuring actions.
Melissa Thomas, Groupon CFO, said: "During the second quarter, we saw better-than expected gross profit performance. These positive trends coupled with the tough but necessary cost actions we took during the first half of the year allowed us to return to positive adjusted EBITDA and deliver more than $70 million in free cash flow."
Shares of Groupon were up 35% after hours.
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