10 August 2011 | Author: R Wood Media Intern
Discount titan Groupon has reported a net loss of $102.7 million in the second quarter according to an SEC filing.
Despite continued growth and popularity, net loss from the second quarter nearly tripled from last year's figures. Total revenue from the second quarter came in at $878 million but general and administrative costs also rose significantly to deal with the company's lightning-fast expansion.
Unusual accounting metrics came under scrutiny from the Securities and Exchange Commission for excluding marketing costs, stock-based compensation and acquisition-related items, which resulted in an amended filing today reporting the loss.
According to the Wall Street Journal, Groupon chief executive Andrew Mason spoke to investors on reporting methods in their amended filing today, saying: " While we track this management metric internally to gauge our performance, we encourage you to base your decision on whatever metrics make you comfortable."
The daily deals giant has hired over 1,000 new employees in a three-month period, its workforce now totalling over 9,625, with almost half of that manpower devoted to sales, Fastest Growing Company Ever by Forbes Magazine.
Bargain hunter Groupon reports second quarter loss
Discount titan Groupon has reported a net loss of $102.7 million in the second quarter according to an SEC filing. Despite continued growth and popularity, net loss from the second quarter nearly tripled from last year's figures. Total revenue from the second quarter came in at $878 million but general and administrative costs also rose significantly to deal with the company's lightning-fast expansion.
Unusual accounting metrics came under scrutiny from the Securities and Exchange Commission for excluding marketing costs, stock-based compensation and acquisition-related items, which resulted in an amended filing today reporting the loss.
According to the Wall Street Journal, Groupon chief executive Andrew Mason spoke to investors on reporting methods in their amended filing today, saying: " While we track this management metric internally to gauge our performance, we encourage you to base your decision on whatever metrics make you comfortable."
The daily deals giant has hired over 1,000 new employees in a three-month period, its workforce now totalling over 9,625, with almost half of that manpower devoted to sales, Fastest Growing Company Ever by Forbes Magazine.
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