Groupon 2nd quarter beats profit estimates; sales disappoint

Groupon 2nd quarter beats profit estimates; sales disappoint
CHICAGO (AP) - Online deals website Groupon is reporting second-quarter earnings that beat Wall Street's profit estimates, but it underwhelmed analysts with sales figures whose growth was hurt by unfavorable currency movements.

Net income in the three months to June 30 came to $28.4 million, or 4 cents per share. Excluding the cost of paying executives with stock and other items, adjusted earnings came to 4 cents per share, beating the 3 cents expected by analysts polled by FactSet.

Revenue rose 45 percent to $568.3 million, which was below the $574.8 million expected by analysts. Groupon says its revenue was $32.4 million lower because of changes in currency-exchange rates.

Shares dropped $1.11, or nearly 15 percent, to $6.44 in after-hours trading following the earnings release.