Yes, folks Groupon just lost more than half its revenue. The daily deals company, in its latest act of financial revisionism, chopped its revenue by 54 percent yesterday after the Securities and Exchange Commission forced it to exclude payments to retail partners from its top line, according to the NY Post.
Instead of generating $1.5 billion, Groupon only took in $688 million in the last quarter, the Chicago-based company admitted in an SEC filing.
“It’s pretty dramatic, obviously,” said Sam Hamadeh, CEO of PrivCo.com, a research firm. “They cut their revenues in half for the first half and every prior period.”
Groupon said in the filing that it has $225 million in cash -- but it still owes merchants about $215 million and there are still more liabilities. Groupon said that the money raised from a public offering would help keep it paying its bills….
Find out more at http://www.nypost.com/p/news/business/groupon_revenue_goes_missing_GU87tXdoG7Hf79H3W7jjJJ
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