The Washington Post

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, 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

Steven Overly is a national reporter covering federal technology and energy policy with a focus on Capitol Hill. He previously covered the business of technology, biotechnology and venture capital.



Success! Check your inbox for details. You might also like:

Please enter a valid email address

See all newsletters

Show Comments
Most Read



Success! Check your inbox for details.

See all newsletters

Your Three. Videos curated for you.
Play Videos
How to make Sean Brock's 'Heritage' cornbread
New limbs for Pakistani soldiers
The signature dish of Charleston, S.C.
Play Videos
Why seasonal allergies make you miserable
John Lewis, 'Marv the Barb' and the politics of barber shops
What you need to know about filming the police
Play Videos
The Post taste tests Pizza Hut's new hot dog pizza
5 tips for using your thermostat
Michael Bolton's cinematic serenade to Detroit
Play Videos
Full disclosure: 3 bedrooms, 2 baths, 1 ghoul
Pandas, from birth to milk to mom
The signature drink of New Orleans