LivingSocial was once on a fast track to an initial public offering, but the company has announced a 40 percent drop in first-quarter revenue, according to the Wall Street Journal.
The company is currently restructuring to fulfill the daily deals demand. It will also focus more on smartphone and tablet customers through updated apps and a more flexible returns policy.
According to Living Social, sales fell to $77 million from $108 million the year before. It did make a $177 million profit, but that may have been due to the $260 million sale of Groupon, according to WSJ.
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