Renren Inc. (RENN) reported that its fourth-quarter net loss attributable to the company was US$21.1 million or $0.06 per ADS, compared to a net income of US$44.3 million or $0.11 per ADS in the corresponding period in 2011, the latter of which was largely due to a one-time US$51 million gain from disposing of its investment in eLong.
Excluding results of operations attributable to Nuomi in both quarters, net loss in the fourth quarter of 2012 would be US$15.5 million, compared to a net income of US$53.4 million in the corresponding period of 2011.
Adjusted net loss was US$16.7 million, compared to an adjusted net income of US$48.2 million in the corresponding period in 2011 which was largely due to a one-time US$51 million gain from disposing of our investment in eLong. Excluding results of operations attributable to Nuomi in both quarters, adjusted net loss in the fourth quarter of 2012 would be US$11.1 million, compared to the adjusted net income of US$57.3 million in the corresponding period in 2011.
Total net revenues for the fourth quarter of 2012 were US$48.8 million, representing a 48.8% increase from the corresponding period in 2011.
Analysts polled by Thomson Reuters expected the company to report a loss of US$0.07 per share on revenues of US$46.41 million for the quarter. Analysts' estimates typically exclude special items.
The company expects to generate revenues in an amount ranging from US$44 million to US$46 million in the first quarter of 2013, representing 37% to 43% year-over-year growth. Analysts expect the company to report revenues of US$47.25 million for the first-quarter.
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