Investors seem to think Groupon (GRPN) is a steal after the online marketplace reported second quarter revenue that beat Wall Street’s expectations and bumped up its full year guidance—sending shares of the stalled company up 28% Thursday.
On Wednesday, Groupon reported a loss of $54.9 million, or 10 cents a share, on revenue of $756 million, which rose 2.4% from a year earlier. Analysts had anticipated a loss of 2 cents per share on revenue of $711.2 million.
Groupon also announced revenue for fiscal year 2016 to clock in at $3 billion to $3.1 billion on $140 million to $165 million in adujsted earnings before interest, tax, depreciation, and amortization. The company previously projected full year revenue of $2.75 billion to $3.05 billion on $85 million to $135 million in adjusted Ebitda.
“We continued to see strong traction in customer acquisition as we added more than 1 million new customers—the most in more than two years,” said CEO Rich Williams in a statement.
Those results come as the struggling company embarks on a costly turnaround plan to take on competitors such as Amazon (AMZN), Facebook (FB), and more. The company has already exited 19 markets across the world to focus on North America, laid off works, and increased marketing.
Perhaps owing in part to those changes, Groupon finally reported strong sales in the previous quarter after several years of woes.
But the one-time unicorn is still a far cry from its glory days. Shares of the company have fallen 82% since the company first went public in late 2011. Back then, the company revealed its revenue growing at a breakneck pace, with revenue growing over 2,052% in 2010 to $313 million. Growth began moderating downward by the next year, and by 2015, the company had missed its own guidance several times, faced accounting issues, management changes, and revenue growth slow to just 2.5%, at $3.1 billion.
