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Renren reduces Q1 net loss to US$2.6 million
By Ding Yining |
June 21, 2011, Tuesday
|
Online Edition
Online Edition
CHINA'S leading social website operator, Renren Inc, reported a smaller net loss in the first quarter with growing revenue from brand advertising.
Net loss lowered by 78.5 percent year on year to US$2.6 million, the company said in a statement yesterday.
"We expect the strong growth of the social networking market will continue this year and we'll offer more innovative products and new services to attract more users," Chairman and Chief Executive Officer Joseph Chen said.
Last month, Renren Inc teamed up with PopCap Games Inc in an exclusive deal to adapt the latter's popular game, Plants vs Zombies, to its social website. It also issued a co-branded credit card with China Merchants Bank, which allows card holders to enjoy Renren's location-based services.
Renren's total sales jumped 46.6 percent to US$20.6 million while its advertising revenue doubled from a year earlier to US$8.1 million, according to its first financial report after the initial public offering at the end of last year.
Income from the Internet value-added service added 25 percent to US$12.4 million but share price tumbled in recent weeks to US$7.6 on Monday, below its offering price of US$14.
The company expected revenues to add 46 to 51 percent in the second quarter to between US$29 million and US$30 million.
Net loss lowered by 78.5 percent year on year to US$2.6 million, the company said in a statement yesterday.
"We expect the strong growth of the social networking market will continue this year and we'll offer more innovative products and new services to attract more users," Chairman and Chief Executive Officer Joseph Chen said.
Last month, Renren Inc teamed up with PopCap Games Inc in an exclusive deal to adapt the latter's popular game, Plants vs Zombies, to its social website. It also issued a co-branded credit card with China Merchants Bank, which allows card holders to enjoy Renren's location-based services.
Renren's total sales jumped 46.6 percent to US$20.6 million while its advertising revenue doubled from a year earlier to US$8.1 million, according to its first financial report after the initial public offering at the end of last year.
Income from the Internet value-added service added 25 percent to US$12.4 million but share price tumbled in recent weeks to US$7.6 on Monday, below its offering price of US$14.
The company expected revenues to add 46 to 51 percent in the second quarter to between US$29 million and US$30 million.
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