Renren Inc.(RENN: Quote), 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.
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by RTT Staff Writer
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