Let’s begin with the biggest news of the day: Groupon‘s CEO makes 575 times what Steve Jobs makes as chief exec at Apple. But let’s not get ahead of ourselves: Andrew Mason’s base salary is only $575.
No, the real news of the day is that Groupon just filed an S-1 statement with the SEC, and looks to raise $750 million in its IPO, hot on the heels of another splashy tech IPO from LinkedIn that valued the company at $4.3 billion. Along with the nearly $1 billion that Groupon raised earlier this year, the company could have a hefty piggy bank as more and more competitors–Living Social, Google–jump into the daily deals space.
According to the S-1 filing, Groupon pulled in roughly $645 million in revenue for the first quarter of 2011–a massive increase from the $713 million in revenues it brought in during all of 2010. Still, while Groupon is growing exponentially–by 20,000% since 2009, says the Wall Street Journal–it lost $146.5 million this quarter, and $413 million last year.
Groupon has 83 million email subscribers, and sold 30 million deals in 2010. By the end of March of this year, Groupon had already sold more than 28 million deals. The number of merchants is growing just as fast: In the first three months of 2010, Groupon had only 2,900 merchants on board, and 874,000 customers. During the first three months of 2011? That number has rocketed to 56,000 merchants, and 15 million customers.
With such rapid success, perhaps Mason deserves more than a $575 annual base salary. Wonder how much he’d make if he worked at Google, which reportedly offered him $6 billion for the company…?