Biz: Groupon restates its 2010 revenues … by more than half
- $713.4 million the amount Groupon originally stated as its 2010 revenues
- $312.9 million the amount the company changed that to today … damn source
- » How does one misstate $400 million in revenues? Good question! Let’s ask the COO, Margo Georgiadis, what she thinks happened. Oh wait, she just resigned after five months and went back to Google. Meanwhile, chief executive Andrew Mason says that her departure offers an opportunity “reorganize in a way that reflects our evolving strategic priorities.” Great answer. We learned so much from that statement. (Edit: To explain what happened, when Groupon sold a coupon, they counted the entire coupon as revenue, despite the fact they only got half of the coupon. The SEC said that was a no-no, so now Groupon looks a lot less valuable.)