EmailGroupon (GRPN $5.96 -1.59) reported second quarter earnings of $0.04 per share, $0.01 better than the Capital IQ Consensus of $0.03, while revenues rose 44.8% year/year to $568.3 million versus the $573.45 million consensus. Gross billings, which reflects the total amount collected from customers, excluding any applicable taxes and net of estimated refunds, increased 38% year-over-year to $1.29 billion in the second quarter 2012, compared with $929.2 million in the second quarter 2011. North American revenues grew 66% year-over-year. Groupon Goods surpassed the $200 million annual revenue run-rate in the second quarter 2012, in just its third quarter since launch in North America.
As of June 30, 2012, Groupon had 38.0 million active customers, an increase of 65% year-over-year. Free cash flow was $48.6 mln compared to $28.7 mln in prior year. The company issued in-line guidance for the third quarter revenues $580-620 million versus the $603.61 million consensus. Income from operations for the third quarter 2012 is expected to be between $15 million and $35 million, compared with a loss from operations of $0.2 million in the third quarter 2011.
