Amazon.com Inc. (AMZN:US), a backer of LivingSocial Inc., said the daily-deal startup narrowed its loss in the second quarter after revenue more than doubled.
LivingSocial, the main competitor to Groupon Inc. (GRPN:US) in the online coupon market, delivers discounts on restaurants, hotels, events, and other goods and services.
The company posted revenue of $138 million in the three months ended June 30, compared with $59 million a year earlier, according to a regulatory filing. It reported a net loss of $93 million, compared with a loss of $198 million a year earlier.
Brendan Lewis, a spokesman for Washington-based LivingSocial, declined to comment on Amazon’s filing.
Amazon, which owns a 29 percent stake in LivingSocial, said the book value of the investment was $271 million in the second quarter, compared with $298 million in the previous three months.
The Internet deal market may generate $4.17 billion in U.S. sales in 2015, up from $1.97 billion last year, according to research firm BIA/Kelsey in Chantilly, Virginia.
LivingSocial is expanding beyond daily deals. In April, it acquired Onosys, which specializes in technology that helps restaurants receive orders over the Web and mobile phones.
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