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Wednesday, April 24, 2019  Spokane, Washington  Est. May 19, 1883
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News >  Business

Alibaba buys nearly 33 million shares of Groupon

Associated Press

NEW YORK – Alibaba has bought nearly 33 million shares of online daily deal service Groupon.

Groupon Inc.’s stock jumped more than 16 percent in Tuesday premarket trading.

The purchase gives the Chinese e-commerce powerhouse about a 5.6 percent stake in Groupon. Alibaba disclosed the purchase in a regulatory filing on Friday.

The news comes shortly after Groupon reported a fourth-quarter adjusted profit and revenue that beat analysts’ expectations.

Last month Alibaba Group Holding Ltd. reported better-than-expected third-quarter results as it benefits from a shift to mobile spending and a growth in users.

Shares of Chicago-based Groupon added 48 cents, or 16.6 percent, to $3.37 before the market opened on Tuesday.

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