AfterDawn: Tech news

Living Social continues to hemorrhage money

Written by Andre Yoskowitz (Google+) @ 30 Jan 2013 21:52

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.

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