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Renren suffers loss in Q4; 2012 outlook still grim
By Ding Yining |
February 15, 2012, Wednesday
|
Online Edition
Online Edition
CHINESE social networking site Renren Inc predicted a loss of US$15 million to US$17 million in the last quarter of 2011 due to increased investment and feared it will stay in red this year.
The loss was due to increased investment and the consolidation of online video website 56.com which it bought last year, the company said in a preliminary earnings report today.
Revenue in the three months ended December 31 will be between US$31 million to US$33 million, the report said.
Last September Renren acquired 56.com for US$80 million to diversify its business. It will spend additional US$60 million to US$70 million this year to upgrade servers for 56.com to improve user experience.
The company also projected this year's income to grow 50 to 55 percent, similar to the pace in 2011.
Renren has stepped up investment in various sectors, including an online game platform and a daily deal website called Nuomi, as it competes for users with other big players such as Sina and Tencent.
The loss was due to increased investment and the consolidation of online video website 56.com which it bought last year, the company said in a preliminary earnings report today.
Revenue in the three months ended December 31 will be between US$31 million to US$33 million, the report said.
Last September Renren acquired 56.com for US$80 million to diversify its business. It will spend additional US$60 million to US$70 million this year to upgrade servers for 56.com to improve user experience.
The company also projected this year's income to grow 50 to 55 percent, similar to the pace in 2011.
Renren has stepped up investment in various sectors, including an online game platform and a daily deal website called Nuomi, as it competes for users with other big players such as Sina and Tencent.
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