logo
Share SHARE
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
Chinese Internet giant Baidu, Inc. on Wednesday announced the release of Apollo 1.5, the second generation of its Apollo open-source autonomous vehicle software. The company also said it plans to set up a 10 billion yuan, or $1.5 billion Apollo self-driving car fund to invest in 100 autonomous driving projects in the next three years. Facebook Inc. said it is tightening controls on its advertising targeting policies and tools after a ProPublica expose last week found that advertisers on the social media site were able to target users interested in anti-Semitic topics. The company clarified that it has long had a firm policy against hate on Facebook. Ryanair Holdings Plc pilots have rejected a cash bonus offered to them by the airline in exchange for cancelling their leave as the airline grapples with massive flight cancellations. Ryanair is cancelling 40 to 50 flights daily for the next six weeks, till the end of October, after it admitted to having "messed up" the planning of pilot holidays.
comments powered by Disqus
Follow RTT