FONT-SIZE Plus   Neg

Renren Cuts Q2 Revenue Estimate - Quick Facts

Renren Inc.(RENN), a social networking internet platform in China, Friday said it is lowering its revenues guidance for the second quarter to $49 million - $50 million from its earlier forecast range of $55 million - $57 million, citing the delays in the planned launch of new mobile and cross-platform games for the Android market. Analyst estimate the firm to generate revenues of $56.01 million.

Operating loss on a non-GAAP basis is estimated to be between $29 million to $30 million. Non-GAAP adjusted net loss is estimated to be between $4 million to $5 million.

"Revenues came in lower than expected mostly due to delays in our game pipeline. As we continue to prepare towards our penetration into the Android market, our focus is to ensure the complete readiness of our games and a carefully prepared distribution strategy at the time of entry. The next wave of growth for our mobile and cross-platform games lies in monetizing this enormously untapped but highly fragmented market opportunity," said Joseph Chen, Chief Executive Officer.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Xbox Live users are aggravated about repeated outages that have prevented gamers from accessing online multiplayer features. Blaming higher egg prices and other rising costs, Dunkin's Donuts will close 100 stores, all of them Speedway gas station and convenience store locations. Micron Technology, Inc. said that its fourth quarter profit fell 59% from last year, as sales declined and gross margins deteriorated amid weak demand and pricing pressures due to continued softness in the personal computer market. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly sales.
comments powered by Disqus
Trade RENN now with 
Follow RTT