Groupon Proclaims LivingSocial Acquisition

LivingSocial helps folks all over the world find, share and revel in great local deals and new experiences. Save up to 70% on all deals sitewide at LivingSocial. We’ve been investing in expertise up to now 12 months, and in areas like customer service, we’ve been in a position to automate rather more,” he mentioned. LivingSocial’s last massive round of layoffs was in November 2014, when the company minimize 400 jobs Since then, it has also continued to downsize and dump its unprofitable international operations.\n\nFor now no less than, it would not appear that operations in the UK and Ireland — LivingSocial’s last two international markets exterior of North America — are being affected. The company has raised over $930 million thus far and is not at present raising more, Thakar mentioned.\n\nOverview LivingSocial is an internet marketplace that enables folks to buy and share deals on the most effective things to do in their cities. The Day by day Crunch Get the top tech stories of the day delivered to your inbox. TC Weekly Roundup Get a weekly recap of the largest tech stories.\n\nSkyrocketed more than 23% on Wednesday after the day by day-deals company mentioned it paid just about nothing for former rival LivingSocial and increased sales and earnings nicely beyond expectations. Despite Groupon’s GRPN, -2.63% financial woes, which embody widening losses and just about flat sales, the stock has outperformed the S&P 500 index SPX, -0.23% , rising 13.5% up to now three months compared with 7.6% for the index.\n\nGroupon’s revenue was practically $935 million, topping the Wall Avenue consensus estimate of $913 million. Groupon benefited from its purchase of rival LivingSocial in the course of the quarter, although traders initially shunned the deal, evidenced by a selloff in Groupon shares of as much as 9% after the deal was announced in after-hours trade on Oct.…

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