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Renren Q1 2011 Loss Reaches USD 2.6 Mln

SEC, 4/27/11

Beijing-based social networking site operator Renren Inc., formerly Oak Pacific Interactive, has announced its Q1 2011 financial results in an update to its IPO prospectus, with net revenues reaching USD 20.6 mln, a 46.6% increase from USD 14.0 mln for the three months ended March 31, 2010. The increase in net revenues was due to the increase in both online advertising revenues and internet value-added services (IVAS) revenues. Online advertising revenues increased by 100.5% from USD 4.1 mln for the three months ended March 31, 2010 to USD 8.1 mln for the three months ended March 31, 2011. IVAS revenues increased by 24.7% from USD 10.0 mln for the three months ended March 31, 2010 to USD 12.4 mln for the three months ended March 31, 2011.

Net loss for the three months ended March 31, 2011 was USD 2.6 mln, compared to USD 12.1 mln for the three months ended March 31, 2010.

To view Renren's financial results, please click here.

Editor's Note: In an amended IPO filing, Renren revised monthly unique log-in user figures to state that in December 2008, December 2009 and December 2010, the number of monthly unique log-in users was approximately 17 mln, 22 mln and 26 mln, respectively, and approximately 31 mln monthly unique log-in users as of March 31, 2011. Renren's previous IPO filing stated that monthly unique log-in users as of December 2010 were 24 mln, not 26 mln. For more information on this topic, please see "Renren Aims to Raise USD 583 Mln in IPO," MD 4/18/11 issue.

Keywords: online advertising Internet loss users IVAS Renren Q1 2011 profit revenue fiscal report SNS

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