Online deals company Groupon Inc. posted a smaller net loss and sharply higher revenue for its fiscal first quarter, helped by a growing customer base boosting demand.
Its revenue surpassed Wall Street’s expectations, and Groupon’s stock shot up 17 percent after hours. It was a welcome reprieve for the newly public company, whose stock has been battered following a series of missteps with the company’s finances. Groupon said Monday that its net loss was $11.7 million, or 2 cents per share, in January through March. It lost $146.5 million, or 48 cents per share, in the first quarter of 2011, when it was still privately held.
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