Today in its quarterly earnings call, Groupon reported that it did not meet fourth quarter expectations. The company posted a $43 million loss, or $0.08 cents per share. Despite the loss, Groupon's revenue in the fourth quarter 2011 grew 194% to $506.5 million, up from $172.2 million in the fourth quarter of 2010. In fact, the fourth quarter 2011 was the company's first quarter of operating profitability since it opening international operations in the second quarter of 2010. This brings everyone back to the same question: Is the daily deals model a real, legitimate business, or is it just a…

