31 Mar '12, 6am

Groupon cuts reported earnings by S$18 million, blames higher refunds to merchants

SAN FRANCISCO - Groupon Inc, the largest provider of daily deals online, reported a "material weakness" in its financial controls and said fourth-quarter results were worse than previously stated because of higher refunds to merchants. The revisions reduced revenue in the period by US$14.3 million to US$492.2 million, the Chicago-based company said today in a regulatory filing. It had reported US$506.5 million last month. Instead of US$15 million in operating income, the company had a US$15 million loss. The announcement marks another setback for Groupon, which has struggled to get its financial statements in order since filing for an initial public offering in June. Two months after its prospectus, the company abandoned a controversial accounting method for operating income after a review by the Securities and Exchange Commission. Groupon then restated 2010 results in Sep...

Full article: http://www.todayonline.com/Business/EDC120331-0000080/Gro...

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