According to the Reuters report, Amazon disclosed the information on Wednesday that the U.S. second-largest group purchase website LivingSocial loss suffered a total of $558 million huge losses in the 2011.
Amazon injected capital into LivinSocial in 2010, becoming one of its shareholders. The annual financial statements audit files submitted by the former to the SEC on Wednesday revealed the huge losses of LivingSocial.
The documents also showed that, the LivingSocial’s last year revenue totaled $245 million (approximately £154 million), while the company had the operating expenses of up to $558 million, in addition to $117 million other expenditures.
As of release, the LivingSocial spokesman declined to post any comment.
The Amazon stock price plunged $14.98, or 7.7%, to close at 179.46 in Wednesday trading.
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