Washington D.C.-based LivingSocial posted a $50 million net loss in the first quarter of 2013, according to The Washington Business Journal.
Daily deals company LivingSocial cut its operating losses to $44 million for the first quarter of 2013, which is about half the size of the loss the company recorded during the same period a year ago, according to a regulatory filing.
The reduced losses, reflects the massive cost-cutting and reorganization the D.C. company undertook
over the past year, including closing many overseas operations and the elimination of 400 jobs in the United States last November. Last month, co-founder and chief technology officer Aaron Batalion announced he was leaving the company, nearly a year to the day that another co-founder had resigned.The company recorded $135 million in revenue for the first quarter, an increase from $110 million from the same period a year ago, according to a regulatory filing.
LivingÂSocial is a private company and does not disclose its financial figures. But the financial results are contained in a Securities and Exchange Commission report filed by online retailer Amazon.com, which owns 29 percent of LivingSocial.