Mason Emerges from Post-IPO Quiet With Good News for Groupon
Groupon (NASDAQ:GRPN) shares rose more than 9% today after CEO Andrew Mason emerged from the company’s post-IPO quiet period to announce holiday sales numbers that dwarfed those of Thanksgiving weekend 2010.
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Groupon sold more than 650,000 holiday deals between Black Friday and Cyber Monday this year, up 500% compared to last year, Mason said in a blog post on Wednesday.
Groupon shares have fallen by nearly half since hitting a high of $31.14 on November 4, its first day as a publicly-traded company, on concern about increased competition by other daily-deal sites like Woot.com and LivingSocial (NASDAQ:AMZN).
LivingSocial, Groupon’s closest rival, offered more than 20 deals with national merchants during the Black Friday shopping period. As of Tuesday afternoon, the site was on course to sell 325,000 to 350,000 national holiday deals.
Companies and executives are restricted from publicly speaking in the first weeks following their IPO, but Mason said today that quiet period is over. He is scheduled to speak at a Credit Suisse (NYSE:CS) technology conference in Scottsdale, Arizona, later today.