Heavy Hitters: Tesla Drives 13% Higher, Groupon Surges 19%
Green Mountain Coffee Roasters (NASDAQ:GMCR) shares declined 6 percent in late afternoon trading. The company beat analysts’ estimates on the bottom line, but quarterly revenue of $967 million was below expectations for $981 million. “Our total revenue growth of 11 percent was at the low end of our expectations, driven primarily by a sales decline in Canada,” explained Brian P. Kelley, president and chief executive officer. Shares of Starbucks (NASDAQ:SBUX) also edged slightly lower.
Mondelez International (NASDAQ:MDLZ) shares increased 2.2 percent in late afternoon trading. The company reported better-than-expected earnings for the second quarter, and raised its share repurchase program from $1.2 billion to $6 billion. The board of directors also raised the quarterly dividend by 8 percent.
Shares of Groupon (NASDAQ:GRPN) surged more than 16 percent in late afternoon hours. The company reported second-quarter earnings of 2 cents per share, down from 8 cents per share a year earlier, but inline with estimates. Furthermore, revenue jumped 7.2 percent to $609 million, topping expectations for $606 million. “We significantly exceeded our operating income expectations, and delivered our strongest quarter ever in North America, due in part to accelerated billings growth of 30 percent,” said Eric Lefkofsky, Groupon’s CEO. “With two quarters on the job, I’m pleased with the progress we’ve made in such a short time.”
Shares of Tesla Motors (NASDAQ:TSLA) jumped 12.7 percent in late afternoon hours. Excluding items, the automaker earned 20 cents per share in the second quarter, compared to a loss of 89 cents per share a year earlier. Revenue increased from $27 million to $405 million in the same period. Elon Musk, chairman and chief executive officer, explains, “While profits were still modest in absolute terms and not our primary mission, net income increased by 70 percent from last quarter, driven by record Model S deliveries and a significant improvement in automotive gross margin.”
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