Groupon Loses COO, Drastically Cuts Reported Revenue

Posted by Soulskill on Monday September 26, 2011 @05:47AM from the how-not-to-prepare-for-an-ipo dept.

itwbennett writes "Groupon COO Margo Georgiadis has quit after just 5 months on the job and is returning to Google to be the company's president for the Americas. Groupon's founder, Andrew Mason, wrote in a blog post that the company has undergone a reorganization with Georgiadis' departure, and now sales, channels, international and marketing will report directly to him. In other bad Groupon news, the company revealed in an SEC filing Friday that it was reporting revenue before it paid fees to merchants using Groupon. 'The effect of the correction resulted in a reduction of previously reported revenues and corresponding reductions in cost of revenue in those periods,' according to the filing."

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So in other words... by madprof · 2011-09-26 05:52 · Score: 4, Funny

Groupon is going to find itself in serious trouble soon due to an unsustainable business model and will be folding within the next 12-18 months?
1. Re:So in other words... by elrous0 · 2011-09-26 06:17 · Score: 4, Funny
  
  Nonsense! They used to say the same crap about Pets.com back in the day.
  
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  SJW: Someone who has run out of real oppression, and has to fake it.
Re:Half of $750 Million is Still Some Money ... by Anonymous Coward · 2011-09-26 06:16 · Score: 4, Funny

But they made up for it in volume.
Re:Ethics? by ilikejam · 2011-09-26 07:04 · Score: 4, Funny

<scottish_accent>
10 coos in a field. Which one's closest to Iraq?
Coo 8.
10 coos in a field. Which one's on holiday?
The one with the wee calf.
</scottish_accent>

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