LivingSocial Posts a Net Loss of $650 Million in 2012
According to Amazon.com Inc.’s Form 10-K filing to the SEC, LivingSocial posted a net loss of $650 million for the year ending Dec. 31, 2012. The daily-deals company, of which Amazon purchased 29 percent in the first quarter of 2012, posted a net loss of $499 million in 2011. The book value of Amazon’s investment in LivingSocial is $52 million, according to the e-commerce giant. This would peg LivingSocial’s value at $179 million.
This comes despite LivingSocial’s revenue of $536 million in 2012, up 114 percent from the $250 million in revenue the company achieved in 2011. The big difference was a $579 million impairment charge in 2012, which includes a write-down of its overseas acquisitions.
LivingSocial laid off about 400 employees in late November, 160 from its Washington, D.C., hometown.
Near the beginning of the month, LivingSocial appointed Barry Judge as its new chief marketing officer.
Groupon’s fourth-quarter and full-year 2021 financial results will be released on Wednesday, Feb. 27.
