- Though down 41.1% Y/Y, Renren's (NYSE:RENN) Q1 revenue of $13.7M was above guidance of $11M-$13M (set on March 18). In addition, the hard-luck Chinese social networking/gaming firm is guiding for revenue to rise to $15M-$17M (still down 25.8%-34.5% Y/Y) in Q2.
- Online ad sales (social networking-related) fell 62.9% Y/Y in Q1 to $2.3M, and gaming revenue fell 56.5% to $5.5M. However, value-added service revenue rose 35% to $5.9M thanks to Renren's Woxiu social video platform. Monthly logged-in users were 46M, flat Q/Q and down 5M Y/Y.
- Operating expenses fell 16.6% Y/Y to $29.7M. Renren ended Q1 with $413M in cash/short-term investments, $579M in long-term investments (inc. Renren's investments in online lending firms), and no debt. The company's market cap is currently just $698M.
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Q1 results, PR