08/10/2011 04:03 pm ET Updated Oct 10, 2011

Groupon Q2 2011: Huge Net Loss Of $102.7M Reported

Daily deals juggernaut Groupon managed to significantly slash marketing costs last quarter, but its net loss in the second quarter of this year has almost tripled compared to last year as it hired more than 1,000 new employees, according to an SEC filing published this morning. Basically, the company is still growing like gangbusters but losing money like crazy in the process.