Renren Inc. (RENN), a real-name social networking internet platform in China, reported a net loss for the second quarter of US$24.9 million or US$0.06 per ADS, compared to a net income of US$0.8 million or US$0.00 per ADS for the year-ago quarter.
Excluding results of operations attributable to Nuomi in both quarters, net loss in the second quarter would be US$17.7 million, compared to net income of US$5.0 million in the prior year quarter.
Adjusted net loss for the second quarter was US$21.8 million, compared to adjusted net income of US$2.3 million in the same quarter last year.
Excluding results of operations attributable to Nuomi in both quarters, adjusted net loss in the second quarter would be US$14.5 million, compared to adjusted net income of US$6.5 million in the second quarter of last year.
Total revenue for the second quarter rose 47.5% to US$44.82 million from US$30.40 million a year ago.
Analysts polled by Thomson Reuters expected the company to report a loss of US$0.04 per ADS on revenue of US$42.23 million for the second quarter.
Looking forward, the company expects to generate third quarter revenues in the range of US$49 million to US$51 million, representing 43% to 49% year-over-year growth. Analysts currently expect the company to post revenue of US$52.19 million for the third quarter.
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