AfterDawn: News

Groupon slashes its previous revenue report by 57 percent

If there was any more reason to believe that daily deal giant is not a viable company, the site has now restated its 2010 earnings, slashing previous revenue by 57 percent.

Additionally, the company announced its chief operating officer (COO) is leaving after just five months on the job.



"Correcting for an error in its presentation of revenue," the company restated revenue for 2010 from $713.4 million down to $312.9 million.

The company was set to go public next month but cancelled due to the market conditions.

Now, instead of reporting revenue as all the money total received (what the subscriber pays) from sales of Groupons it will only report the merchant fees it makes.

Written by: Andre Yoskowitz @ 23 Sep 2011 19:27

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• 4 comments

• JGJD2001

  with new types of groupon companies opening up and offering better deals to clients, its simple why they won't go back to groupon who still insist on screwing clients with their high rates and unfair demands.

  23.9.2011 21:26 #1

• llongtheD

  Uhh, how do you make a mistake that big in your presentation of revenue? More con artists willing to take the public for a ride. I really wonder exactly what prompted their IPO cancellation, and brought to light their seemingly retarded mistake. Was this why google pulled out from their bid to purchase them?
  

  If your fish seems sick, put it back in the water.

  23.9.2011 22:57 #2

• LordRuss

  "Ignore The Man Behind The Curtain!!! He IS Of No Concern!!! All This Flashy Crap Going On Before You Is What Should Be Of The Most Importance!!! Never Mind What He Is Doing Back There!!! You Might Feel A little Pressure!!!"
  
  And here I thought this kind of 3 Card Monty & gullibility (especially on this kind of grand scale) had been done away with. Silly me.
  

  http://onlyinrussellsworld.blogspot.com

  23.9.2011 23:31 #3

• llongtheD

  Originally posted by LordRuss: "Ignore The Man Behind The Curtain!!! He IS Of No Concern!!! All This Flashy Crap Going On Before You Is What Should Be Of The Most Importance!!! Never Mind What He Is Doing Back There!!! You Might Feel A little Pressure!!!"
  
  And here I thought this kind of 3 Card Monty & gullibility (especially on this kind of grand scale) had been done away with. Silly me. It's so sad but true. The American public is being taken for a ride and most of them won't wake up until it's too late.

  23.9.2011 23:41 #4