BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Groupon's Impressive First Quarter 2024 Financial Results
Groupon, Inc. (NASDAQ: GRPN), a leading global marketplace for local services, experiences, and goods, announced a robust financial performance for the first quarter ended March 31, 2024. These results not only surpassed the high-end of the company's guidance but also marked a significant milestone with consolidated revenue growth for the first time since 2016.
Dusan Senkypl Appointed as Permanent CEO Amid Strong Q1 Performance
In conjunction with the financial release, Groupon named Dusan Senkypl as the permanent Chief Executive Officer. Under his leadership, the company has demonstrated a strong start to the year, with Senkypl expressing confidence in the company's trajectory toward becoming the ultimate destination for local experiences.
Key Financial Highlights: Revenue, Profit, and Earnings
Groupon reported a global revenue of $123.1 million in the first quarter of 2024, representing a 1% increase year-over-year, which is consistent on a FX-neutral basis. This growth was primarily driven by a 4% increase in local revenue, which totaled $111.2 million.
The company’s gross profit saw a significant increase, rising to $110.6 million, up 6% (5% FX-neutral) compared with the prior year period. This growth in gross profit comes despite an increase in marketing expenses, which accounted for 26% of gross profit, totaling $28.8 million.
Operational Efficiency and Cost Management
A notable decrease in SG&A expenses, which were down from $101.6 million in the previous year to $74.3 million, primarily due to reduced payroll costs, underscores Groupon's commitment to operational efficiency. This reduction played a critical role in achieving an Adjusted EBITDA of $19.5 million, a significant improvement from the negative $4.9 million in the prior year period.
North America and International Performance Divergence
While North America displayed strong performance with an 8% revenue growth in the segment excluding goods, international revenues faced challenges, decreasing by 11% (12% FX-neutral). This decline was mainly due to reduced demand across Local, Goods, and Travel categories.
Market Reaction and Future Outlook
Following these strong quarterly results, Groupon's stock experienced a notable uptick, with shares rising by 9% in after-hours trading. This positive investor sentiment reflects confidence in the company's strategic direction and its ability to maintain positive momentum.
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