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Renren Inc. (RENN)

- NYSE
  • Thu, Apr. 23, 3:27 PM
    • Only a handful of tech companies are seeing major declines amid a 0.6% gain for the Nasdaq. A somewhat larger number are seeing big gains.
    • Today's notable tech gainers include wireless IP licensing firm WiLAN (WILN +5.3%), Chinese social networking/gaming services firm Renren (RENN +4.8%), authentication hardware/software vendor Vasco (VDSI +4.1%), mobile banking tech provider Mitek (MITK +5.6%), and e-commerce listing/monetization services firm ChannelAdvisor (ECOM +5.7%).
    • Renren is up 10% over the last two days. Beaten-down ChannelAdvisor has rallied ahead of its May 4 Q1 report. WiLAN's gains come ahead of its April 29 Q1 report.
    • Previously covered: Chinese online real estate, Nuance, Solar3D, Medidata, F5, Citrix, Logitech, Rocket Fuel
    • Notable decliners: Chip stocks, MobileIron, Avnet, Cognex, Ericsson
    | 2 Comments
  • Thu, Apr. 2, 11:20 AM
    • Renren (NYSE:RENN) has offered to buy back up to $50M worth of shares at prices between $2.40-$2.75 (minus a $0.05 cancellation fee), through a Dutch tender offer.
    • The offer is good for repurchasing ~1/12 of Renren's outstanding shares. The purchases will count towards Renren's $100M buyback program, of which $48.6M had been used as of March 13.
    • Renren had $183M in cash as of the end of 2014. The offer comes with shares close to a 52-week low of $2.35.
    • Update: Also of interest: In a Tuesday article (now out of embargo), SA Pro author Michael Fu notes Renren bought a 27.1% stake in major online P2P lending platform SoFi for $49M in 2012. Fu notes that stake would be worth $950M, before factoring dilution, if SoFi does an IPO at the $3.5B valuation it's reportedly seeking.
    | Comment!
  • Tue, Mar. 24, 3:18 PM
    • Today's notable tech gainers include chip packaging/testing firm ChipMOS (IMOS +3.7%), and headphone maker Skullcandy (SKUL +3.9%), mobile banking tech provider Mitek (MITK +6.5%), search toolbar/mobile ad platform provider Perion (PERI +8.8%), Chinese social network/game provider Renren (RENN +4.8%), peripherals giant Logitech (LOGI +4%), security IP licensing firm Finjan (FNJN +13.7%).
    • Notable decliners include e-commerce services firm ChannelAdvisor (ECOM -5.6%), program guide/content protection IP firm Rovi (ROVI -4.3%), telecom equipment vendor Calix (CALX -3.5%), and Fibre Channel/Ehternet switch vendor Brocade (BRCD -3.4%).
    • Likely helping Finjan: An H.C. Wainwright note stating the company has committed $5M to a Jerusalem Venture Partners (JVP) cybersecurity fund; Alibaba announced yesterday it's investing in JVP. Logitech announced a $100 wireless mouse today. Skullcandy is once more within striking distance of a 52-week high of $11.83.
    • Previously covered: Twitter, solar stocks, Sonus/AudioCodes/BroadSoft, Neonode, Arista, Taser, Ciena, Zagg, Gogo, Digital Ally
    | 3 Comments
  • Wed, Mar. 18, 11:55 PM
    • Though Renren (NYSE:RENN) beat Q4 estimates, it's guiding for Q1 revenue of $11M-$13M, down from Q4's $17.2M and Q1 2014's $24.9M, and far below a sole (outdated?) analyst estimate of $29.7M.
    • $28.9M was spent in Q4 to buy back 9.3M shares (2.6% of outstanding shares), giving a lift to EPS. Cost cuts also helped: GAAP sales/marketing spend fell 53% Y/Y to $8.5M; R&D fell 38% to $10.6M; G&A rose less than 1% to $14M.
    • Gaming revenue fell 58.4% Y/Y to $6.5M; other revenue (social networking-related) fell 13.4% to $10.7M, with a 44.1% drop in ad revenue offsetting a 33.6% increase in Internet value-added service revenue (largely due to the growth of Renren's Woxiu social video platform). Monthly logged in users rose by 1M to 46M.
    • CEO Joseph Chen insists better days are ahead. "With a better cost structure in place, we believe the most challenging part of the transition is past us. Our recent initiatives in Internet financial services have made an exciting start and we believe this can become a future growth engine. Meanwhile, we will continue to innovate and develop new services for our core [social networking service], which is the foundation of all our services including internet finance."
    • Q4 results, PR
    | Comment!
  • Wed, Mar. 18, 7:05 PM
    • Renren (NYSE:RENN): Q4 EPS of $0.03 may not be comparable to consensus of -$0.06.
    • Revenue of $17.18M (-38.5% Y/Y) beats by $0.88M.
    • Press Release
    | Comment!
  • Tue, Mar. 17, 5:35 PM
  • Fri, Jan. 2, 12:32 PM
    • After falling 18% in 2014 amid ongoing revenue and traffic losses, Renren (NYSE:RENN) is starting 2015 off on a strong note. 392K shares have been traded vs. a 3-month average of 762K.
    • The Chinese social network owner/game developer is two days removed from announcing CFO Hui Huang and director Stephen Murphy are resigning. Huang is being replaced by finance VP Ashlew Law Kwok Wai.
    | Comment!
  • Dec. 1, 2014, 10:38 AM
    • Chinese Internet  and telecom names are among the biggest tech decliners as the Nasdaq registers a 0.9% drop. A soft November PMI print isn't helping.
    • Giants Alibaba (BABA -4.3%) and Baidu (BIDU -2.8%) are among the casualties. As is Qunar (QUNR -5.8%), which reports after the bell.
    • Other Internet decliners: BITA -12%. QIHU -4.4%. CTRP -4.3%SFUN -7.2%. LEJU -7.5%. RENN -6.3%. SINA -3.8%. WB -3%. YY -3.9%. VIPS -3.8%. SOHU -3.5%. MOBI -4.3%. CMGE -8.6%.
    • Telecom decliners: CHL -3.6%. CHU -3.9%. CHA -4%.
    • ETFs: KWEB, CQQQ, QQQC
    | 5 Comments
  • Nov. 20, 2014, 7:07 PM
    • Renren (NYSE:RENN) expects Q4 revenue of $15M-$17M, down 44.6%-51.1% Y/Y and well below a $21.3M consensus.
    • Q3 online ad revenue -40.3% Y/Y to $8.8M; value-added services -19.6% to $4.7M; games -60.5% to $8.1M.
    • Sales/marketing spend -22.5% to $12M; R&D -36.3% to $12.7M; G&A +3.5% to $13.8M.
    • Renren ended Q3 with $740M in cash and term deposits, and no debt. Due to the company's recent performance, its market cap is currently $743M.
    • Q3 results, PR
    | 1 Comment
  • Nov. 20, 2014, 6:03 PM
    • Renren (NYSE:RENN): Q3 EPS of -$0.04 in-line.
    • Revenue of $21.63M (-47.4% Y/Y) misses by $1.13M.
    • Press Release
    | Comment!
  • Nov. 19, 2014, 5:35 PM
  • Nov. 4, 2014, 1:04 PM
    • China's DoNews reports (citing an internal e-mail) Sohu (SOHU -1%) has reached a deal to acquire Renren's (RENN) 56.com video site, and plans to merge it with Sohu Video. Details will reportedly be provided next week.
    • A July report stating Renren is selling 56.com Chinese video site Mango TV didn't pan out. However, Renren (having a rough time over the last two years) has unloaded its Nuomi daily deals site to Baidu, and has generally been looking to cut costs.
    • Acquiring 56.com would give Sohu more scale as it squares off against Baidu, Youku, and Tencent in a very competitive Chinese online/mobile video market. Shares are off slightly after rallying yesterday (along with those of gaming unit Changyou) post-earnings.
    | 1 Comment
  • Sep. 15, 2014, 1:21 PM
    • Maybe looking to raise cash with which to buy Alibaba (Pending:BABA) this week, investors are dumping a wide swath of other Chinese internet names.
    • Qihoo (QIHU -2.6%), Sohu.com (SOHU -5.3%), Baidu (BIDU -3.8%), Sina (SINA -4.9%), Renren (RENN -4%), Weibo (WB -11.3%), YY (YY -7.3%).
    • Previously: Alibaba to boost IPO size
    | 21 Comments
  • Aug. 26, 2014, 3:54 PM
    • With investors having already digested a lot of bad news over the last year, Renren's (RENN +2.4%) Q2 revenue beat is overshadowing its light Q3 guidance: Revenue of $19M-$21M vs. a $22.9M consensus.
    • Gaming revenue fell 56.6% Y/Y in Q2 to $9.9M, ad revenue 23.9% to $11.7M, and Internet value-added service revenue 35% to $3.4M. Monthly unique logins fell to 44M in June from 51M in March and 54M a year ago.
    • Cost-cutting has been aggressive: Sales/marketing spend -37.3% Y/Y to $11.6M, and R&D -33.9% to $13.4M. G&A +7.6% to $14M.
    • Operating loss was $30.4M. An $86M gain on the sale of short-term investments allowed Renren to report a profit. A new $100M buyback has been authorized, following the expiration of a program that was used to repurchase $69.4M worth of shares.
    • Q2 results, PR
    | Comment!
  • Aug. 25, 2014, 7:12 PM
    • Renren (NYSE:RENN): Q2 EPS of $0.09 may not be comparable to consensus of -$0.08.
    • Revenue of $25M (-49.6% Y/Y) beats by $3.13M.
    • Press Release
    | Comment!
  • Aug. 24, 2014, 5:35 PM
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Company Description
Renren Inc is engaged in the operation of social networking internet platform, as well as provision of online advertising services and internet value-added services, including online gaming operations, online talent show and other IVAS, among others.