PR Newswire Asia, 8/12/11
Beijing-based social networking site operator Renren (NYSE: RENN) today announced its unaudited financial results for the second quarter ended June 30, 2011. Net revenues for the quarter were USD 30.4 mln, representing a 53.2% increase from the corresponding period in 2010.
Net income was USD 0.8 mln, compared to a net loss of USD 25.5 mln in the corresponding period of 2010. Excluding Nuomi, net income in the second quarter of 2011 would be USD 5.0 mln compared to a net loss of USD 25.4 mln in the corresponding period of 2010.
Online advertising revenues were USD 16.9 mln, representing an increase of 93.8% from the corresponding period in 2010. The significant increase was attributable to the growth of Renren's SNS platform and user base, as well as the increased adoption of SNS among advertisers in China as an effective advertising channel. The number of activated users increased from approximately 96.8 mln as of June 30, 2010 to approximately 124.2 mln as of June 30, 2011. Monthly unique log-in users increased from approximately 25.0 mln in June 2010 to approximately 34.4 mln in June 2011.
Internet Value-Added Services (IVAS) revenues were USD 13.5 mln, representing a 21.5% increase from the corresponding period in 2010. Within IVAS revenues, online game revenues were USD 10.2 mln for the second quarter of 2011, a 17.1% increase from the corresponding period in 2010. Other IVAS revenues were USD 3.3 mln for the second quarter of 2011, a 37.2% increase from the corresponding period in 2010. Within other IVAS revenues, Renren's group buy platform Nuomi, which was launched on June 23, 2010, recorded USD 1.1 mln of net revenues for the second quarter of 2011.
Renren expects to generate revenues in an amount ranging from USD 33.5 mln to USD 35.5 mln in the third quarter of 2011, representing 54% to 63% year-over-year growth.
To view Renren's full earnings report, please click here.