Groupon trims loss
Groupon whittled its losses during the third quarter but weak revenue growth underscored the challenges facing the online daily deal service as it tries to morph into a more comprehensive destination for internet bargain hunters.
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.