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Renren +4.4% on Q3 results, subsidiary update

Dec. 15, 2017 8:18 AM ETMoatable, Inc. (MTBL) StockBy: Brandy Betz, SA News Editor
  • Renren (NYSE:RENN) shares are up 4.4% premarket after reporting Q3 results. Q4 guidance has revenue from $95M to $100M, which would represent a 367% to 392% growth on the year.
  • Revenue breakdown: Advertising and Internet Value-Added Services revenue, $12.9M (+34.6% Y/Y); financing income, $6.6M (-20.2%); Used car sales, $42.3M.
  • Subsidiary update: Renren still plans to dispose of a new subsidiary holding its ad agency business and most of its minority stakes in investee companies. The company is waiting for approval from the New York Department of Financial Services, which is required to transfer Renren’s shares of Social Finance (a mortgage banker license holder in the state) into the subsidiary. 
  • Press release     
  • Previously: Renren reports Q3 results (Dec. 15)

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