Renren Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2012; Provides Revenue Guidance for the Second Quarter of 2012
May 13, 2012
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Renren Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2012. Total net revenues were $32.1 million against $20.6 million, a 56.1% increase from the corresponding period in 2011. Operating loss was $20.6 million, compared to an operating loss of $4.7 million in the corresponding period in 2011. Net loss attributable to company was $13.6 million or $0.01 per basic and diluted share, compared to a net loss of $2.6 million or $0.01 per basic and diluted share in the corresponding period in 2011. Adjusted net loss was $11.3 million, compared to an adjusted net loss of $1.1 million in the corresponding period in 2011. Loss from operations was $20.6 million against $4.7 million a year ago. Net loss per basic and diluted ADS share was $0.03 against $0.04 a year ago. Loss from continuing operations was $13.62 million against $2.600 million a year ago.
The company expects to generate revenues in an amount ranging from $41 million to $43 million in the second quarter of 2012, representing 35% to 41% year-over-year growth.
Moatable, Inc. help companies, small business owners, and sole proprietors streamline their operations, reach more customers, and close business transactions using its SaaS products and services. It operates two software-as-a-service (SaaS) businesses, Lofty and Trucker Path. Lofty offers a real estate sales acceleration and client lifecycle management platform that allows real estate professionals to obtain and nurture leads, close transactions, and retain their clients. The platform combines Internet data exchange (IDX) websites, lead generation, marketing automation, advanced lead management, and AI to capture and convert leads into new business. Trucker Path is a driver-centric online transportation management platform. Trucker Path provides trip planning, navigation, freight sourcing, a marketplace that offers goods and services truckers use to operate their businesses and helps connect qualified brokers and carriers to expand their reach and initiate and complete transactions.
Renren Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2012; Provides Revenue Guidance for the Second Quarter of 2012