Skip to content
Subscriber Only

LivingSocial to Post Third Quarter Loss on Writedown

LivingSocial Inc. had a net loss of about $566 million in the the third quarter, because of an impairment charge on acquisitions, Chief Executive Officer Tim O’Shaughnessy told staff in a memo.

Sales at the daily-deal website were about $124 million in the quarter, almost double revenue from a year earlier, O’Shaughnessy wrote today in a note, which was obtained by Bloomberg. The company took a charge of $496 million on some acquisitions made in the past year because they dropped in value, the CEO said.