- Marbridge Consulting reports Renren (RENN +1.2%) CEO Joe Chen stated in an internal e-mail his company will narrow its gaming efforts in order to focus on its social networking ops.
- Gaming-related weakness (blamed on game launch delays) led Renren to issue a Q2 warning in July, and provide weak Q3 guidance in August. The company's gaming ops, which face tough competition from Tencent, NetEase, Shanda, Qihoo, and many other Chinese game providers, totaled $22.4M in Q2, up 1.4% Y/Y and equal to 45% of total revenue.
- Renren's social networking ops face have their own challenges: The company's ad revenue only rose 2.4% Y/Y in Q2 to $15.4M, as Chinese Web/mobile users embrace rival social networking platforms such as Tencent's WeChat and Sina's Weibo.
- Q3 results are due this month.
From other sites
at Investor's Business Daily (Feb 12, 2015)
at Benzinga.com (Dec 31, 2014)
at CNBC.com (Nov 21, 2014)
at CNBC.com (Nov 20, 2014)
at CNBC.com (Nov 19, 2014)
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