Andre Yoskowitz
30 Jan 2013 21:52
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.