Chicago – Reportedly feeling pressure from federal regulators as it counts down to a planned initial public offering (IPO), Chicago-based daily deals site Groupon has restated its financial data, in the process cutting its 2010 revenue by more than half.
The company – which counts Chevy Chase-based New Enterprise Associates (NEA) and Wizards and Capitals owner Ted Leonsis among its backers – now says it generated $312.9 million in revenue last year, down from the $713.4 million it reported originally.
The difference, Groupon said, is that it no longer is including the portion of each online deal that it pays to merchants as revenue.
The company also has lost one of its most heralded key hires, announcing that chief operating officer Margo Georgiadis is leaving after five months to return to former employer Google. There, she will serve as president of the Americas.
This article was also published in Potomac Tech Wire.
SEC filing – http://tinyurl.com/3qukkgk
Groupon blog post – http://tinyurl.com/3d7enqh
Photo by flickr user Groupon, used under Creative Commons license