Groupon, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. For Q3 2024, the company generated revenue of $114.5 million, a decline from $126.5 million in Q3 2023. Year-to-date revenue also decreased to $362.2 million from $377.2 million in the same period last year. The gross profit for Q3 2024 was $102.9 million, down from $110.7 million in Q3 2023, while the nine-month gross profit slightly decreased to $326.1 million from $328.4 million.

The company reported a loss from operations of $5.6 million for Q3 2024, compared to a loss of $0.5 million in Q3 2023. However, for the nine months ended September 30, 2024, Groupon achieved an operating income of $6.1 million, a significant improvement from a loss of $35.9 million in the prior year. Notably, net income for Q3 2024 was $14.5 million, a stark contrast to a net loss of $40.8 million in Q3 2023. Year-to-date, Groupon reported a net loss of $6.4 million, significantly improved from a loss of $81.4 million in the same period last year.

The company’s cash and cash equivalents increased to $159.7 million as of September 30, 2024, up from $141.6 million at the end of 2023. Total liabilities decreased to $507.8 million from $611.3 million, while stockholders' equity improved to $40.2 million from a deficit of $40.3 million.

Strategically, Groupon has been focusing on restructuring efforts, including a 2022 plan aimed at reducing its workforce by approximately 1,150 positions, with most reductions completed by March 2024. The company also initiated an Italy Restructuring Plan in July 2024, which is expected to incur pre-tax charges of up to $3 million. Additionally, Groupon completed a Rights Offering in January 2024, raising $80 million to strengthen its financial position.

In terms of market performance, North America revenue for Q3 2024 was $86.9 million, down from $94.9 million in Q3 2023, while international revenue also fell to $27.6 million from $31.5 million. The decline in revenue was attributed to decreased demand in the Goods and Travel categories, as well as increased voucher redemption rates in the Local category.

Overall, Groupon's financial results reflect a challenging market environment, but the company has made strides in improving its operational efficiency and financial stability through strategic restructuring and capital raising initiatives.