Groupon trims loss
As part of its expansion efforts, Groupon announced on Friday that it is buying Korea-based Ticket Monster from its daily deal rival LivingSocial for $US260 million ($275.99 million) in cash and stock.
The deal provides Groupon with a springboard for selling more products and travel packages in Korea.
‘‘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 e-commerce marketplace,’’ Groupon chief executive Eric Lefkofsky said.
The stock rose 5.3 per cent to $10 in extended trading on Thursday.
Mr Lefkofsky is trying to train Groupon’s 43.5 million customers to regularly check for deals on their mobile devices whenever they are about to buy something. That effort is beginning to bear fruit in North America, where more than half of all Groupon’s third-quarter purchases were completed on smartphones and tablet computers.
Frequently Asked Questions about this Article…
Groupon has managed to reduce its losses during the third quarter, although it still faces challenges with weak revenue growth as it transitions into a more comprehensive e-commerce platform.
Groupon has been focusing on transforming from a daily deal email service to a full e-commerce marketplace, which has helped them whittle down their losses during the third quarter.
Groupon has announced the acquisition of Korea-based Ticket Monster from LivingSocial for $260 million in cash and stock, which will help it expand its product and travel package offerings in Korea.
Groupon announced the acquisition of Korea-based Ticket Monster from LivingSocial for $260 million in cash and stock, aiming to expand its product and travel package offerings in Korea.
Groupon aims to transform from its daily deal email roots into a full e-commerce marketplace, as stated by its CEO, Eric Lefkofsky.
The acquisition of Ticket Monster provides Groupon with a strategic springboard to enhance its presence and sell more products and travel packages in the Korean market.
Following the announcement of its strategic moves, Groupon's stock rose by 5.3% to $10 in extended trading.
Groupon is training its 43.5 million customers to regularly check for deals on their mobile devices, which has led to more than half of their third-quarter purchases being completed on smartphones and tablets in North America.
Groupon is focusing on encouraging its 43.5 million customers to regularly check for deals on their mobile devices, a strategy that is showing positive results in North America.
Following the announcement of its strategic moves and progress, Groupon's stock rose by 5.3% to $10 in extended trading.
More than half of all Groupon's third-quarter purchases were completed on smartphones and tablet computers, indicating a successful shift towards mobile engagement.
Despite reducing its losses, Groupon faces challenges with weak revenue growth as it transitions into a more comprehensive destination for internet bargain hunters.
The acquisition of Ticket Monster is significant because it provides Groupon with a foothold in the Korean market, allowing it to sell more products and travel packages in the region.
Groupon is leveraging mobile technology by encouraging customers to use their smartphones and tablets to check for deals, which has resulted in a significant portion of purchases being made through mobile devices.
Despite reducing its losses, Groupon still faces the challenge of weak revenue growth as it works to establish itself as a comprehensive destination for internet bargain hunters.
Groupon's long-term goal is to transform from its daily deal email roots into a full e-commerce marketplace, as stated by CEO Eric Lefkofsky.
Call 1300 880 160
Start a chat
Schedule a call
