The daily deals darling, Groupon has lost it’s 2nd COO in less than a year and has had to restate it’s income down to less than half of it’s previous SEC filing.
Previously, Groupon reported that it had $1.5B in revenue for the six months ended in June according to this SEC filing. Groupon has now filed an ammended S1 which reports the revenue for the same period at $688M. The key difference is that before now, Groupon had included the full value of a purchased Groupon (what the customer pays) as part of its revenue figures. Now, it is only including the portion that they actually keep (what the customer pays minus the part that goes to the vendor) usually 50% of the total.
In March of this year, the then COO Rob Solomon, who joined the company 1 year earlier announced he would be leaving the company. In April of this year former Google VP Margo Georgiadis was hired to replace him. Today, less than five months after she joined Groupon, Margo Georgiadis has resigned, announcing that she will be rejoining Google as President, Americas.
Given that Groupon is currently in the process of going public, these things must be… bothersome?