Living Social continues to hemorrhage money

Living Social continues to hemorrhage money
Amazon has noted this week that its daily deal site, Living Social, continues to lose significant amounts of money.

The company lost $650 million in 2012, after losing $499 million in 2011.



Additionally, the deals site also reported an impairment charge of $579 million for 2012, writing down some failed overseas acquisitions.

The company also had to lay off 400 employees in November.

Revenue for the company doubled to $536 million in 2012, but clearly it did not help.

Written by: Andre Yoskowitz @ 30 Jan 2013 21:52
Tags
Amazon Living Social Daily Deal Operating Loss
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