Washington, DC – LivingSocial, the DC-based daily deals company, suffered a net loss of $558 million last year, according to a filing with the Securities and Exchange Commission (SEC) by minority owner Amazon.
The chief rival of market-leader Groupon generated $245 million in revenue during 2011, as well as operating expenses of $686 million — primarily the result of several acquisitions and rapid employee growth.
Amazon invested $175 million in LivingSocial in Dec. 2010, and currently holds a 31 percent stake in the company.
This article was also published in Potomac Tech Wire.
SEC filing – http://tinyurl.com/6rlfxng