(Reuters) – Groupon Inc (GRPN.O: Quote, Profile, Research, Stock Buzz) unnerved investors yet again after it cut its previously reported fourth-quarter revenue and net income, blaming higher-than-anticipated refunds on deals for the sharp downward revision in the numbers.
The company, which has been criticized for its unorthodox financial reporting in the run-up to a highly publicized 2011 IPO, said in its annual report filed Friday that it has a “material weakness” in internal controls over its financial statement.
(Reuters) – Groupon Inc (GRPN.O: Quote, Profile, Research, Stock Buzz) pared back revenue and net income for the fourth quarter, blaming higher refunds on deals for the sharp downward revision in its previously reported numbers.
Groupon also said in its annual report, filed on Friday with the Securities and Exchange Commission, that it has a “material weakness” in internal controls over its financial statement.
SAN FRANCISCO (Reuters) – LivingSocial, the second-largest daily deal company, said on Thursday it ended its Instant mobile deals business, replacing it with a food-ordering service called Takeout & Delivery.
“We’ve always said Instant was a test,” said LivingSocial spokeswoman Maire Griffin. “The feedback we’ve received from our merchant partners and members is that Takeout & Delivery better meets their needs.”
(Reuters) – EBay Inc on Thursday named David Marcus president of its PayPal unit, replacing Scott Thompson, who left in January to become chief executive of Yahoo Inc.
The appointment shows the importance of PayPal’s push into mobile payments and its efforts to process transactions in physical stores, not just online.
SAN FRANCISCO (Reuters) – Mark Zuckerberg wants at least $5 billion from Wall Street investors, but those investors will not be getting much face time in return.
The Facebook co-founder and CEO made that clear when he skipped the social networking company’s first major briefing for analysts and bankers last week. The meeting was the first of many that will take place in the run-up to an IPO that could value the company at close to $100 billion.
(Reuters) – Amazon.com Inc and Barnes & Noble Inc unveiled Harry Potter e-books on Tuesday in deals that suggest the companies made big concessions with author J.K. Rowling for electronic access to the hit series.
Amazon said it struck a distribution deal with J.K. Rowling’s new website pottermore.com.
March 27 (Reuters) – Amazon.com Inc and Barnes &
Noble Inc unveiled Harry Potter e-books on Tuesday in
deals that suggest the companies made big concessions with
author J.K. Rowling for electronic access to the hit series.
Amazon said it struck a distribution deal with J.K.
Rowling’s new website pottermore.com.
SAN FRANCISCO, March 22 (Reuters) – Wal-Mart Stores Inc
was offered the chance to bid for warehouse robot
developer Kiva Systems, but passed on the deal because it did
not see an attractive return on the investment, a source
familiar with the situation said.
The world’s largest retailer is also not a customer of Kiva,
which Amazon.com agreed to buy this week for $775
million, making it more difficult to justify an acquisition, the
SAN FRANCISCO (Reuters) – Amazon.com Inc (AMZN.O: Quote, Profile, Research, Stock Buzz) ran a big daily deal this week without its strategic partner LivingSocial, suggesting the world’s largest Internet retailer is serious about building its own business in this fast-growing e-commerce niche.
AmazonLocal offered a $10 Amazon.com gift card for $5 on Tuesday and sold one million vouchers before capping the deal the same evening, according to the unit’s website.
Eventbrite, the ticketing and events start-up run by Kevin and Julia Hartz, unveiled its own dongle on Tuesday, following tech companies such as eBay Inc’s PayPal and Jack Dorsey’s Square Inc.
PayPal launched a blue triangular card reader, or dongle, last week to help small merchants accept credit and debit card payments through iPhones. The company said on Tuesday that about 24,000 merchants ordered the gadget in the first 24 hours after launch.