Social Networking Investor Alert; Renren Inc. (NYSE: RENN) Reports First Quarter Results
POINT ROBERTS, Wash., June 21, 2011 - InvestorIdeas.com, a global investor research portal, specializing in sector research including tech stocks issues an investor alert for social networking stock, Renren Inc. (NYSE: RENN ) following the release of first quarter results.
The stock traded up yesterday in trading, in anticipation of earnings.
Renren Announces Unaudited First Quarter 2011 Financial Results
BEIJING, June 20, 2011 - Renren Inc. (NYSE:RENN), the leading real-name social networking internet platform in China ("Renren" or the "Company"), today announced its unaudited financial results for the first quarter ended March 31, 2011.
First Quarter 2011 Highlights
•Total net revenues were US$20.6 million, a 46.6% increase from the corresponding period in 2010.
•Online advertising revenues were US$8.1 million, a 100.5% increase from the corresponding period in 2010.
•Gross profit was US$16.5 million, a 57.6% increase from the corresponding period in 2010.
•Net loss was US$2.6 million, a 78.5% decrease from the corresponding period in 2010.
•Adjusted (1) net loss was US$1.1 million, compared to US$0.6 million adjusted net income in the corresponding period in 2010.
Renren Inc. (NYSE:RENN) operates the leading real name social networking internet platform in China. It enables users to connect and communicate with each other, share information and user generated content, play online games, listen to music, shop for deals and enjoy a wide range of other features and services. Renren's platform includes the main social networking website Renren.com, the online games center game.Renren.com, the social commerce website nuomi.com, and the newly launched professional and business social networking service website jingwei.com. It had approximately 117 million activated users as of March 31, 2011.
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