There's nothing like a more impressive than expected quarter to send a company's stock price shooting higher. Such was the case for Groupon (NASDAQ: GRPN), which reported a fourth quarter that greatly pleased the market.

For the period, the company posted revenue of just under $935 million,  an almost 2% improvement on a year-over-year basis. This was on the back of gross billings that were largely flat, at nearly $1.7 billion. On an adjusted basis, net income came in at $42.5 million ($0.07 per share), nearly double the $23.3 million ($0.04) of the same quarter the previous year.

On average, analysts were expecting revenue of only $914 million, and an adjusted bottom line of $0.03 per share.

For the entirety of 2016, Groupon's revenue inched up by 1% to $3.1 billion, on billings that dipped by 3% to just under $6.1 billion. Adjusted net profit was $23 million ($0.04 per share).

"Our concentrated focus on key strategic initiatives provided a strong foundation for Groupon going forward and resulted in a streamlined global operation, a healthier Goods business, improved customer service and strong customer acquisitions after a successful online and offline marketing strategy," CEO Rich Williams said in the press release detailing the results.

Groupon also proffered guidance for the current year. The company believes its adjusted EBITDA will be in the $200 million to $240 million range, well up from the $178 million of 2016. It did not provide revenue or net profit estimates.

Following the unveiling of the results, Groupon's stock price increased sharply, closing Wednesday 23% higher at $4.66 per share.

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Eric Volkman has no position in any stocks mentioned.

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