He continued:"In the past four months, we have created significant operating leverage by taking substantial costs out of our business, leaned into categories to drive sales and free cash flow, and steadied the company during the pandemic."Still, the company suffered in the second quarter. Revenue was down 26% from a year ago, and gross profit of $17.3 million was 53% lower than in the same quarter last year.
In North America, gross profit decreased 49% on the year to $101.7 million in the second quarter,"primarily driven by the impacts of COVID-19 on volume," the company said in a press release.The company also said that it plans to start a second round of layoffs and furloughs in August, which will save approximately $140 million in 2020 combined with the company's other restructuring plans. In April, Groupon said it would furlough or lay off 44% of its workforce by July 2021 due to the coronavirus pandemic.Read more: Business Insider »
Live updates: US election and SCOTUS news
As the US election draws near, the race between President Donald Trump and former vice president Joe Biden heats up. Here's the latest news around campaigns, SCOTUS vacancy, voting, and more.
Groupon still exists!?!?
Lionsgate Earnings, Revenues Top Wall Street EstimatesLionsgate has reported earnings of $51.1 million, or 23 cents a share, on revenues of $813.7 million for its first fiscal quarter ended June 30 — numbers that were above Wall Street estimates…
High-flyer Fastly plunges 21% despite earnings beat after CEO reveals TikTok is its largest customer (FSLY) | Markets InsiderHigh-flying Fastly plunged as much as 21% on Thursday despite reporting second quarter earnings that beat estimates and raising guidance. Fastly...
Goldman names new head of digital assets in bet that blockchain is the future of financial marketsThe appointment means the newest face of blockchain and cryptocurrency on Wall Street isn't a starry-eyed bitcoin evangelist, but a 46-year-old veteran of old-school financing markets. Another useless guy with probably a degree in political science and making bank like Powell. blm says try again NickSandomeno
Stock picking advice from market-beating, $72 billion Harding Loevner - Business InsiderHarding Loevner's global stock fund has trounced the market for over 30 years. Here's an inside look at the simple 4-part stock-picking criteria that helped the firm balloon to $72 billion.
Wall Street perks up as S&P 500 pulls within 1.1% of recordStocks perked higher on Wall Street Thursday after a report showed the pace of layoffs across the country is slowing, though it remains incredibly high. 11.1% of US is unemployed If you ever needed proof Wall Street is completely disconnected from people. Trump
Wall Street impressed by space stock Maxar's latest earnings, which cleared 'a high bar'New for subscribers: Wall Street impressed by space stock Maxar's latest earnings, which cleared 'a high bar' Check out CNBCPro for a free trial.