Renren Inc (NYSE:RENN) Reports Major Revenue Dip In Fourth Quarter

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Dallas, Texas 03/19/2014 (FINANCIALSTRENDS) –  Renren Inc (NYSE:RENN) a social networking company based in China has reported its 4Q2103 and FY2013 financial results (unaudited). The company witnessed a major dip in its 4Q2103 total net revenues 29.1% at US$30.7 million compared to previous year. The Gross profit also decreased by 49.8% at US$13.0 million. The operating expenses was reported as US$55.5 million with an increased of 14.5% from previous year. Non GAAP was reported at US$105.4 million, compared to a net loss of US$16.7 previous year.

For the FY2013, the company has reported 1.8% plunge in the Total net revenues with final figure as US$156.7. The Gross profit was reported at US$88.0 million compared to US$94.6 million in 2012. Non-GAAP was reported US$82.3 million, compared to a net loss of US$61.9 million in 2012.The company also witnessed decrease in online advertising and gaming revenues which was reported at US$71.2 million and US$85.5 million with a dip of 1.5% & 4.5% respectively. Overall Renren reported a profit of $101.5 million, compared with a prior-year loss of $21.1 million.

The company during 4Q2103 had repurchased approximately 4.9 million American Depositary Share (ADS) and has recently announced to repurchase around US$100 million of its ADSs and shares.

Renren Inc (NYSE:RENN) Online Users Decline 

Renren Inc, with a market cap of 1.39B witnessed a decline by 19.6% with its active users last December reported at 45 million users compared to 54 million users earlier. According the reports, Renren has been targeting users who are mostly students and the company last November released their new mobile app to expand their network among the students.  According to the company’s CEO & Chairman Joseph Chen, the company will continue to focus on targeting its core users comprising college students and expand their market significantly. The company is targeting around $25 million during the 1Q2014.

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