logo
Share SHARE
FONT-SIZE Plus   Neg

Renren Cuts Q2 Revenue Estimate - Quick Facts

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Tuesday after the markets closed that its first quarter profit rose 38% from last year, driven by all time record revenue from iPhone and Mac sales as well as record performance of its App Store. The company's quarterly earnings per share also breezed past Wall Street expectations as did its quarterly sales. We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015. Diversified electronics maker TE Connectivity Ltd. is nearing a deal to sell its network solutions business unit to CommScope Holding Co., Inc. (COMM) in a deal valued at about $3 billion, according a Wall Street Journal report on Monday. A deal could be announced as early as this week. There has...
comments powered by Disqus
RELATED NEWS
Trade RENN now with 
Follow RTT