LivingSocial Reported Net Loss of $650 Million in 2012

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LivingSocial’s business went deeper into the red in 2012.
The daily deals service reported a net loss of $650 million in 2012, up from $499 million the year before, according to a new SEC filing from Amazon, which is a backer of LivingSocial.
LivingSocial’s net loss widened even as its revenue more than doubled year-over-year. The company posted sales of $536 million in 2012, up from $250 million in 2011. Unfortunately, these gains were offset by the company’s growing operating expenses and an impairment charge of $579 million stemming from acquisitions.
Amazon invested in LivingSocial in late 2010 and currently has a 29% interest in LivingSocial worth about $52 million. During Am… Continue reading…
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source: http://feeds.mashable.com/~r/Mashable/~3/O18d2LwsJ-M/

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