Renren (RENN -6.1%) dives after warning it expects to report Q2 revenue of $49M-$50M, below...

|About: Renren Inc. (RENN)|By:, SA News Editor

Renren (RENN -6.1%) dives after warning it expects to report Q2 revenue of $49M-$50M, below prior guidance of $55M-$57M and a $56M consensus. The company largely blames the shortfall on game delays. Renren has been investing heavily in game development in an effort to offset slumping ad sales for its social networking platform, which has been losing ground to rival platforms such as Sina Weibo and Tencent's WeChat. Full results arrive on Aug. 14.