Groupon has a $1.2bn cash pile | Mobile Industry | Mobile Entertainment

Groupon has a $1.2bn cash pile

Groupon has a $1.2bn cash pile
Zen Terrelonge

by

Industry / Market Data / May 15th 2012 at 2:34PM

While revenues are up 89 per cent year-on-year.

Daily deals service Groupon's Q1 gross billings – profit from Groupons customers have bought – excluding taxes hit $1.3 billion, up 103 per cent year-on-year.

Meanwhile, Q1 revenue reached $559.3 million, rising from $295.5 million in Q1 2011. By the end of the quarter, the firm claims to have a $1.2 billion cash pile, with no long-term debt.

Andrew Mason, CEO of Groupon, said: "We are pleased to report a record quarter that demonstrates our progress in unlocking the opportunity in local commerce for merchants and customers worldwide."

North America accounted for a large revenue growth, up 75 per cent year-on-year, while overall Groupon users hit 36.9 million, a 140 per cent increase year-on-year.

In April, almost one-third of North American Groupons were made via mobile devices, up from 25 per cent in December 2011.

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