Daily deals juggernaut Groupon managed to significantly slash marketing costs last quarter, but its net loss in the second quarter of this year has more than doubled compared to last year as it hired more than 1,000 new employees, according to an SEC filing published this morning. The company is still growing like gangbusters but losing money like crazy in the process. The updated financial details show that Groupon increased revenue from $3.3 million in Q2 2009 to $878 million in the second quarter of 2011, while net income swung from $21,000 for the second quarter of 2009 to a staggering net loss of $102.7 million for the second quarter of 2011.
Wednesday, August 10, 2011
Groupon Lost More Than $100 Million Last Quarter ? Again ? As Hiring Costs Jump
Daily deals juggernaut Groupon managed to significantly slash marketing costs last quarter, but its net loss in the second quarter of this year has more than doubled compared to last year as it hired more than 1,000 new employees, according to an SEC filing published this morning. The company is still growing like gangbusters but losing money like crazy in the process. The updated financial details show that Groupon increased revenue from $3.3 million in Q2 2009 to $878 million in the second quarter of 2011, while net income swung from $21,000 for the second quarter of 2009 to a staggering net loss of $102.7 million for the second quarter of 2011.
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