LivingSocial loses $25 million in third quarter of 2013
Washington-based internet deal company LivingSocial posted a loss of $25 million in the third quarter, according to a Washington Post report.
The company, headquartered in downtown D.C., has struggled to turn a profit but has decreased its losses in each quarter of this year. The daily-deals site lost $25 million during the third quarter, running its 2013 losses total to $106 million.
A source familiar with Living Social's finances who was granted anonymity by the Post because they were not authorized to speak publicly said the losses were "anticipated." The company has altered its business model in the past year, moving away from the daily-deals format that it was built upon as those types of discounts have decreased in popularity.