Shares of MeetMe Inc (NASDAQ:MEET) ended Wednesday session in red amid volatile trading. The shares closed down -0.17 points or -2.69% at $6.14 with 4.59 million shares getting traded. Post opening the session at $6.35, the shares hit an intraday low of $5.95 and an intraday high of $6.47 and the price vacillated in this range throughout the day. The company has a market cap of $344.65 million and the numbers of outstanding shares have been calculated to be 52.48 million shares.
MeetMe Inc (MEET) on September 6, 2016 announced that its board of directors has approved a one year share repurchase program that enables the company to purchase up to $15 million of its shares of common stock from time to time in the open market or through negotiated transactions. Share purchases will be funded from cash from operations.
“With significant free cash flow being generated through our successful business model, we believe our stock is undervalued and the repurchase of our shares is an efficient use of our excess capital and will enhance shareholder value,” said Geoff Cook, Chief Executive Officer of MeetMe. “We believe the share repurchase program is supported by our growing scale and increased profitability. The strength of our balance sheet gives us the confidence and flexibility to execute this program and the Skout, Inc. acquisition for the benefit of our shareholders.”
Repurchases under MeetMe’s program will be made in the open market or through privately negotiated transactions intended to comply with the Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. The share repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended at any time at the Company’s discretion. MeetMe had approximately 54.4 million shares of common stock outstanding as of August 31, 2016.
Shares of Groupon Inc (NASDAQ:GRPN) ended Wednesday session in red amid volatile trading. The shares closed down -0.14 points or -2.54% at $5.38 with 4.91 million shares getting traded. Post opening the session at $5.55, the shares hit an intraday low of $5.37 and an intraday high of $5.55 and the price vacillated in this range throughout the day. The company has a market cap of $3.18 billion and the numbers of outstanding shares have been calculated to be 572.78 million shares.
Groupon Inc (GRPN) on July 28, 2016 announced financial results for the quarter ended June 30, 2016.
Second Quarter 2016 Summary
- Gross Billings were $1.49 billion in the second quarter 2016, down 2% from $1.53 billion in the second quarter 2015, with no significant impact of changes in foreign exchange rates. Our gross billings were impacted by dispositions and country exits in connection with our restructuring. On a same-country basis, gross billings increased 1% year-over-year. North America gross billings increased 8%, reflecting the early contribution of new active customer cohorts, while EMEA declined by 12% and Rest of World declined by 27%. Excluding the impact of changes in foreign exchange rates, Rest of World declined 21%, and there was no significant impact to North America or EMEA. Gross billings reflect the total dollar value of customer purchases of goods and services.
- Revenue was $756.0 million in the second quarter 2016, compared with $738.4 million in the second quarter 2015. Revenue increased 2% globally, or 3% excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter. North America revenue increased 7%, EMEA declined 3% and Rest of World declined 23%. Excluding the impact of changes in foreign exchange rates, Rest of World declined 14%, and there was no significant impact to North America and EMEA.
- Gross profit was $333.6 million in the second quarter 2016, compared with $337.0 million in the second quarter 2015. Gross profit declined 1% globally, but was flat excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter.
- Net loss from continuing operations was $51.7 million in the second quarter 2016, compared with $15.3 in the second quarter 2015.
“We continued to see strong traction in customer acquisition as we added more than 1 million new customers — the most in more than two years,” said CEO Rich Williams. “We’re excited with the progress of our marketing programs to date and their effectiveness in introducing millions more people to our marketplace.”