The bleeding continued today at daily deals platform LivingSocial, as the Washington, D.C.-based company closed down its New York office and 86ed its local events offerings, according to a report.
The daily deals service LivingSocial has been hacked and will begin sending notifications out to users this afternoon. Fifty million of the company’s 70 million users were affected.
LivingSocial co-founder and chief technical officer Aaron Batalion will leave the company, he said today on his blog. Batalion indicated he is not leaving to take another job.
Groupon reported a $0.12 adjusted loss per share today, missing analyst expectations and sending its stock tumbling after hours.
LivingSocial has raised $110 million in additional funding from existing investors, according to a report in the Washington Post citing a staff memo written by CEO Tim O’Shaughnessy.
For the first time, Groupon is showing the small businesses that sponsor its deals how much money the offers make for them. The company began serving up a Merchant Impact Report in its Merchant Center today after a beta trial with more than 1,000 merchants.
Groupon has acquired the Y Combinator-backed startup Glassmap, whose business products target deals to customers nearby. The deal was announced by Glassmap on Friday, and terms were not disclosed.
In an on-stage interview in San Francisco in which he declined to address questions about whether he would stay on as Groupon CEO, co-founder Andrew Mason described his company as a local business engine that will build shareholder value over the long term.
Rumors that Groupon’s board will be replacing founder and CEO Andrew Mason have been laid to rest. Following a company board meeting on Thursday, it was decided that Mason will continue to serve as chief executive for the daily deal site, amid concerns that the company has outgrown its young founder.
PayPal, owned by eBay, is going head to head with Groupon and LivingSocial by unveiling a plan to offer coupons to its massive base of 103 million users. With Groupon recently having gone public and hovering a little under it’s IPO price of $25 and holding a market cap of $15B, investors see the daily deals market as a potentially lucrative one. So it’s no surprise that PayPal wants to get in the game.