Groupon sets sights on $1B in revenue

Feb. 26, 2011 at 8:31 AM
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CHICAGO, Feb. 26 (UPI) -- The founder of Groupon revealed in an e-mail that he wants the U.S. Internet discount retail firm to hit the $1 billion in revenue mark this year.

That ambition many have seemed a stretch in 2009, when Groupon took in revenue of $33 million. But revenue skyrocketed to $760 million last year, closing the gap considerably, The Wall Street Journal reported Saturday.

The discount-offer company achieved its revenue jump, in part, by acquisitions in Europe and Asia. In 2010, Groupon went from a company with 120 employees in 30 cities to one with 4,000 employees in 565 cities.

"By this time next year, we will either be on our way to becoming one of the great technology brands that define our generation, or a cool idea by people who were out-executed and out-innovated by others that were smarter and harder working," Chief Executive Officer Andrew Mason said in his e-mail to his staff.

Mason wrote the company's goal is "at least $1B in revenue from new products we launch in 2011."

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