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Technology Stocks : Renren

RENN 1.650

-2.9%

Jun 21 5:00 PM EST

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From: zax	8/11/2011 5:10:17 PM
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Renren Q2 Rev Beats; Q3 Rev View Light blogs.barrons.com By Tiernan Ray Chinese social networking site Renren ( RENN) this afternoon reported Q2 revenue ahead of estimates but missed EPS estimates by a penny. Revenue in the three months ended in June rose to $30.4 million, yielding a net loss per share of 1 cent. Analysts on average were expecting $29.5 million and breakeven. CEO Joseph Chen remarked, “We have seen continued steady growth of our user base and their engagement level in this quarter, despite intensified competition in the social networking and social media market in China.” For the current quarter, the company sees revenue in a range of $33.5 million to $35.5 million, which is slightly below the average $35.20 million estimate.

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