City Desk

LivingSocial Lost $650 Million in 2012

Looks like jobs weren't the only things being lost at LivingSocial in 2012. According to new SEC filings from investor Amazon.com, the D.C.-based deals company took a net loss of $650 million in 2012, even as its revenue doubled.

LivingSocial took in $536 million in revenue last year, compared to $862 million in operating expenses—a $326 million deficit. That's compared to $250 million in revenue and $669 million in operating losses in 2011.

The company lost an additional $579 million in "impairment" losses—write-downs on the intangible value of LivingSocial and companies it has purchased.

If you're thinking that $536 million minus $862 million in operating losses and $579 in impairment adds up to $905 instead of $650 million, you're right. In the SEC filings, Amazon attributes that additional $255 million to increases in noncash equity in companies LivingSocial bought at the start of 2012.

LivingSocial didn't respond to a request for comment. (Full disclosure: Washington City Paper also sells deals.)

Photo by Darrow Montgomery

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Comments

  1. #1

    Guess there's no "there" there yet.

  2. #2

    Good thing its got an endless funding stream in the Graham family and their lucrative enterprises like the Post, oh never mind.

    Graham family get togethers must be fun as everyone tries to out do each other on what they have screwed up lately.

    What is it they say, back to shirt sleeves in 3 generations. Keep up the good work Donnie, you are almost there.

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