LivingSocial Lost $558 Million In 2011
LivingSocial, the daily deals service that competes head-on with Groupon, has lost $558 million 2011 according to Amazon.com’s 10-K filing with the SEC. Revenues in 2011 hit $245 million. Amazon owns a large stake in LivingSocial so they have to report on the company’s financials given that it is an “equity method investment.”
The LivingSocial numbers that Amazon is reporting does not include the two foreign joint ventures. and they only include the final quarter of another LivingSocial acquisition.
LivingSocial is currently dealing with growing pains. The company has added about 4,500 employees in 17 international markets. LivingSocial also spent a ton on marketing in the first half of last year.
[GeekWire]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry