fptechnoAug 10, 2013 10:09:44 IST
Groupon's stock is soaring after the beleaguered online deals company named co-founder Eric Lefkofsky permanent CEO and posted stronger-than-expected revenue for the second quarter.
Groupon Inc. reported a 7 percent increase in quarterly revenue, inching past Wall Street's expectations. It also announced plans to buy back $300 million of its stock over the next two years, further boosting investor confidence.
Analysts say the Chicago-based company is in a good position to benefit from two e-commerce trends - local and mobile. Groupon said that nearly half of its North American transactions came from mobile devices in June.
Its stock is up 23 percent in afternoon trading. The shares have gained more than 90 percent in the past three months.