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Amazon's LivingSocial Buy Was A Bust

  • Mashable, Friday, October 26, 2012 12:02 PM

In its third-quarter earnings report, Amazon took a writedown of $169 million for its stake in daily deals site LivingSocial. That is nearly equal to the $175 million the ecommerce giant paid for the Groupon rival less than two years ago. Along with Groupon’s sagging stock price, Mashable suggests that the writedown is the clearest sign yet “that the daily deals bubble has burst.” Making matter worse for Amazon, the company reported its first quarterly net loss in four years, despite strong net sales.

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