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current news

Groupon Files S-1


(Filed Under Financial and General Interest News). Chicago-based social deal-hawking site Groupon filed an S-1 with the Securities and Exchange Commission, a formal alert that the company expects to be publicly traded in the near future.

The filing did not disclose how much Groupon expects to raise from its initial public offering, but the Wall Street Journal previously reported that the company could seek to raise $1 billion at a valuation of nearly $20 billion.

The filing did give the public a first look at the company’s financial details. Groupon’s 2009 revenue totaled $30.47 million and its 2010 revenue jumped to $713.4 million. For the first quarter of 2011, the company reported $644.7 million, showing an astounding rate of growth in only two years.

Additional details in Groupon’s S-1 reveal that Groupon spent nearly $180 million in the first quarter of 2011 on online marketing, up from only $3.9 million in the first quarter of 2010. Groupon featured 56,781 merchants in the first quarter of 2011 and claims 83.1 million people as subscribers to its daily deals who bought almost 28.1 million Groupons in three months ended March 31.

Despite Groupon’s enormous increase in revenue, the company has yet to turn a net profit. Groupon’s net loss in 2010 was $389.6 million, and the company states that it forsees substantial increases to its operating expenses as it continues to rapidly expand.

The company is also worried about competition. Daily and weekly deal sites like LivingSocial have popped up, while established sites like Open Table and Yelp have launched their own deals. Groupon also said in the filing that it is gearing up to "increasingly compete against other large internet and technology-based businesses, such as Facebook, Google and Microsoft, each of which has launched initiatives which are directly competitive to our business."


more Financial and General Interest News >>

Published 07-06-2011 by Katherine Rautenberg

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