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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Re:Half of $750 Million is Still Some Money ... by maxume · 2011-09-26 06:14 · Score: 3, Informative

Their "profit" in the first half of 2011 was a loss of $253 million...
http://www.sec.gov/Archives/edgar/data/1490281/000104746911008207/a2205238zs-1a.htm#toc_ce79801_1

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Nerd rage is the funniest rage.
People are truly surprised by this? by EricTheGreen · 2011-09-26 06:40 · Score: 4, Informative

Please. This is a company co-founded by Eric Lefkovsky. Some of us haven't forgotten Halo/Starbelly from the first dot-com bubble. Apparently he's working his magic yet again. The slight-of-hand doesn't even appear to be so very different from the 2001 state-of-the-art.