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Capital Business
Posted at 11:46 AM ET, 01/30/2013

LivingSocial posts net loss of $650M for 2012

District-based daily deal purveyor LivingSocial posted a net loss of $650 million last year, according to regulatory filings, driven in part by the declining value of several overseas companies it bought in a quest for global expansion.

The loss comes even as the company saw its revenue climb to $536 million last year, more than double the $250 million it raked in the year before. The company posted a net loss of $499 million in 2011.

The earnings were disclosed in an Securities and Exchange Commission filing for Amazon.com, which owns 29 percent of the firm. As a private company, LivingSocial does not disclose its own financial figures.

Last year saw LivingSocial’s meteoric rise come to a halt. The company recorded a $579 million impairment charge in the third quarter after writing down the value of several international acquisitions. The company then let go 400 employees, including 160 in the District.

LivingSocial chief executive Tim O’Shaughnessy is the son-in-law of Washington Post Co. chairman and chief executive Donald E. Graham.

Follow Steven Overly on Twitter: @StevenOverly

By  |  11:46 AM ET, 01/30/2013

 
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