LivingSocial Now Expects $1 Billion In Revenue This Year

LivingSocial cofounder and CEO Tim O'Shaughnessy

LivingSocial is expecting sales of $1 billion this year, but it will still trail far behind Groupon in the daily deals race.

According to reports at the New York Times and AllThingsD, the company’s revenue is skyrocketing — four months ago, LivingSocial expected only about $500 million in sales this year. Earlier today, reports said that the company had raised $400 million in new funding at a valuation of $3.5 billion.

Groupon’s sales in 2010 were around $750 million, but it is expected to book $3 to $4 billion this year, according to Bloomberg Businessweek. It has been valued as high as $25 billion.

AllThingsD also reported that former CBS Interactive and CNET head Neil Ashe is joining LivingSocial’s board of directors.

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