Groupon Reports Strong 4Q Profitability While Revenue Declines; Raising FVE to $4.50; Fairly Valued
Groupon reported its first year of GAAP profitability and saw record adjusted EBITDA in its fourth-quarter results. While missing on the top line in the fourth quarter, Groupon beat on the bottom line. However, management’s revenue guidance was disappointing as the firm apparently will need to wait 12 months to generate revenue growth on its recent marketing investments. Such headwinds support our view that the firm will continue to spend on marketing to attract customers and, similarly, does no...
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