June 20, 2011, 6:12 PM ET.
RENN Sees Q2 Revenue $29M to $30M.
blogs.barrons.com
By Tiernan Ray
Chinese social networking site Renren (RENN) this afternoon reported Q1 results more or less in keeping with the financials announced in its IPO prospectus back in May.
Revenue in the three months ended in March rose 47% to $20.6 million, yielding a net loss of $2.6 million, or $1.1 million, on an adjusted basis, the company says. That computes to a 4-cent-per-share loss for each American Depository Share, the company said, or 1 cent per share on an adjusted basis.
As I mentioned earlier, Thomson Reuters had referenced a consensus projection of $29.6 million in revenue and a penny per share in earnings, though that estimate was compiled by just a handful of analysts, and I suspect the Thomson numbers may be inaccurate to be off by such a wide margin.
Renren went public on May 4th, and has since sold down nearly 50% from its offer price of $14, though the stock closed up 57 cents, or 8%, today at $7.60.
For the current quarter, the company forecast revenue to $29 million to $30 million.
Renren management will hold a conference call this evening at 8 pm, Eastern time. |
