TechTaffy

tech:

taffy

Groupon Revises Quarterly Revenue, Restates Guidance

By TechTaffy Desk

[Techtaffy Newsdesk]

Online daily deals site Groupon has announced a revision of its reported financial results for its fourth quarter and year ended December 31, 2011. Groupon also affirmed its guidance for the first quarter of 2012. The revisions resulted in a reduction to fourth quarter 2011 revenue of $14.3 million. The revisions also resulted in an increase to fourth quarter operating expenses that reduced operating income by $30.0 million, net income by $22.6 million, and earnings per share by $0.04.

The revisions are primarily related to an increase to Groupon’s refund reserve accrual to reflect a shift in the Company’s fourth quarter deal mix and higher price point offers, which have higher refund rates. The revisions have an impact on both revenue and cost of revenue.

Just in

Industry

Intel appoints Kevin O’Buckley as senior VP and GM of Foundry Services

Intel announced the appointment of Kevin O'Buckley as senior vice president and general manager of Foundry Services, the customer service and ecosystem operations division of Intel Foundry.
Industry

Squarespace to be acquired by Permira for $6.9B

Squarespace will be acquired by global private equity firm Permira in an all-cash transaction valued at approximately $6.9 billion.
AI

OpenAI introduces GPT-4o: A free multimodal AI model for real-time audio, vision, and text

OpenAI has announced the release of GPT-4o, a new flagship AI model that can process and generate a combination of text, audio, and images in real-time.
Industry

Microsoft plans to invest $4B in France

Microsoft announced its largest investment in France, a $4.3 billion (€4 billion) package designed to accelerate the adoption of artificial intelligence (AI) and cloud technologies in the country.
Industry

Microsoft to build $3.3B data center in Wisconsin

Microsoft announced a $3.3 billion investment package in Southeast Wisconsin. The investment, to be rolled out by the end of 2026, includes the development of a datacenter campus in Mount Pleasant.