Groupon

(Groupon)

Groupon CEO: Holiday Weekend Sales 500% Higher Than Last Year

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Groupon Inc's shares rose more than 6 percent on Wednesday after Chief Executive Andrew Mason emerged from the company's post-IPO quiet period to share holiday sales numbers.

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Groupon sold more than 650,000 holiday deals between Black Friday and Cyber Monday, an increase of 500 percent compared with last year, Mason said in a blog post on Wednesday.

The largest daily-deal company's shares have been slammed in recent weeks on concern about increased competition. The stock has fallen by nearly half since hitting a high of $31.14 on its November 4 market debut.

Groupon shares rose 6.9 percent to $17.11 in late morning trading on Nasdaq -- but were still below the $20 IPO price.

LivingSocial, which is Groupon's closest rival and is partly owned by Amazon.com Inc, offered more than 20 deals with national merchants during the crucial Black Friday shopping period.

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As of Tuesday afternoon, LivingSocial was on course to sell 325,000 to 350,000 national holiday deals.

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Companies and executives are restricted from speaking publicly in the first weeks after an IPO, but Mason said on Wednesday that the quiet period was over for Groupon.

The 31-year-old, recently married CEO is scheduled to speak at a Credit Suisse technology conference in Scottsdale, Arizona, later on Wednesday.

"Our IPO process was a wild ride, but we're excited to get back to business and are focused squarely on the future," Mason wrote. "We're back to communicating like a normal company again ... well, as normal as we can muster at Groupon."

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