Groupon Loses COO, Drastically Cuts Reported Revenue 131
itwbennett writes "Groupon COO Margo Georgiadis has quit after just 5 months on the job and is returning to Google to be the company's president for the Americas. Groupon's founder, Andrew Mason, wrote in a blog post that the company has undergone a reorganization with Georgiadis' departure, and now sales, channels, international and marketing will report directly to him. In other bad Groupon news, the company revealed in an SEC filing Friday that it was reporting revenue before it paid fees to merchants using Groupon. 'The effect of the correction resulted in a reduction of previously reported revenues and corresponding reductions in cost of revenue in those periods,' according to the filing."
So in other words... (Score:5, Funny)
Groupon is going to find itself in serious trouble soon due to an unsustainable business model and will be folding within the next 12-18 months?
Re:Half of $750 Million is Still Some Money ... (Score:4, Funny)
But they made up for it in volume.
Re:So in other words... (Score:5, Funny)
Nonsense! They used to say the same crap about Pets.com back in the day.
Re:Ethics? (Score:5, Funny)
<scottish_accent>
10 coos in a field. Which one's closest to Iraq?
Coo 8.
10 coos in a field. Which one's on holiday?
The one with the wee calf.
</scottish_accent>