Groupon was tech's big winner in premarket trading on Tuesday following its strong first-quarter earnings.
NEW YORK (TheStreet) -- Groupon(:GRPN) was tech's big winner in premarket trading on Tuesday as the company's stock exploded following its strong first-quarter earnings, released late on Monday.
Shares of Groupon surged 25.69% to $14.75 as the daily deals site posted better-than-expected earnings. The Chicago-based firm reported earnings of 2 cents a share on $559.3 million in revenue. Analysts surveyed by Thomson Reuters were looking for a profit of a penny a share on revenue of $530.6 million.
On the top line, Groupon's revenue soared 89% year over year, thanks in part to strong international growth, which climbed 102% over the same period.
Groupon was also one of the most active Nasdaq stocks in premarket trading on share volume of 920,382.
With Facebook(:FB) raising its IPO price target early on Tuesday, social gamer Zynga(:ZNGA) was also a big premarket gainer. The Facebook partner's stock was up 6.29% to $8.45 on share volume of 458,464.
Sirius XM(:SIRI) was another mover. Shares of the satellite radio giant rose 0.99% to $2.04 on share volume of 256,511.
--Written by James Rogers in New York.
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