PHOENIX BUSINESS JOURNAL - Renren was once hailed as China's answer to Facebook. Still, the company has since exited the social network business and become a holding company. Renren is currently based in Beijing, but its U.S. office is located in Phoenix. CFO Chris Palmer said the company is looking to establish a greater presence in Phoenix.
26 posts categorized "Renren.com"
Renren, the Chinese Facebook, Plots a New Chapter in Phoenix
|
Renren Is Looking To Divest Several Non-Core Businesses
WSJ - Oct 28 - Chinese social-network company Renren is planning to sell some noncore businesses to become profitable and is considering potential investment opportunities in the U.S. and Hong Kong. Renren was once described as the Facebook of China. Despite having 214M monthly active users on its platform, Renren hasn’t been steadily profitable since its inception in 2005
|
Renren Posts $31M Profit
RTTNEWS - Aug 26 - Renren, the Chinese online social networking platform, reported Q2 net earnings of $31.3M. This compares with a loss of $9.3M last year. Revenues were $25M compared with $43.4M in the prior year. Operating expenses were lower at $39.5M compared with $51.8M last year.
|
Renren Is Still Going The Wrong Way
THE MOTLEY FOOL - Mar 20 - Renren's Q4 revenue was $30.7M. The operating loss nearly doubled to $42.6M during the fourth quarter. When Renren went public at $14 three years ago, it was hailed as China's Facebook. Renren has always struggled with profitability in its public tenure, but at least it was growing until the past few quarters. Monthly unique log-in users have fallen from 56M to 45M through the course of 2013.
|
Baidu To Acquire Renren's Remaining Stake In Nuomi
|
Renren Struggling To Adapt To Smartphones
WANT CHINA TIMES - Dec 2 - Renren Network saw its core social network decline in popularity and its gaming unit slow in response to the mobile trend. Baidu was to acquire Renren, dubbed the Chinese Facebook, for 12B yuan ($2B). The news was followed by the resignation of Wu Jiang, VP of Renren, on Oct. 25 and sick leave being taken by He Chuan, who was in charge of Renren's gaming unit. Renren's gaming unit accounted for ~50% of company revenues.
|
Renren Announces Q3 Loss
GLOBAL TIMES - Nov 28 - Renren has announced net loss of $24.6M with falling revenues from online gaming and advertising. Total net revenue was $47.6M, 5.6% YOY decrease. The decrease of online gaming revenue was attributed to the company's games having reached mature stages and new games not having started to make profits.
by Yang Jing
See full article at Global Times
|
Renren's Q2 Loss Narrows, But Sales Outlook Weak
MARKETWATCH - Aug 14 - Renren's Q2 loss narrowed as the Chinese social-networking company's revenue continued to increase and margins improved. For the third quarter, Renren forecast revenue between $47M - $49M. The stock is up 40% since the start of the year, through the close.
|
Renren Growing Fast
FORBES - May 3 - Renren Is China’s Facebook, Zynga and Groupon Groupon Combined. Renren (178m users) also owns and operates a gaming platform, a group buying service called Nuomi, a video sharing site called 56.com and a professional networking site similar to LinkedIn called jingwei.com. Competitors include Tencent, Sina‘s Weibo.com and kiaxin.com.
There are approximately 564m internet users in China now and half use social media in some form. The social network industry is fragmented. Competitors include Sina’s Weibo, Tencent’s Weibo, Douban.com, 51.com, Kiaxin001 and Qzone. In terms of active users, Sina’s and Tencent’s Weibo outrank Renren by a substantial margin. In December 2012, the Chinese government granted approval to a law that requires users to register their names.
|
Renren Q4 And Fiscal Year 2012 Financial Results
PR NEWSWIRE - Mar 11 - Q4 net revenues were $48.8M, a 48.8% increase from the corresponding period in 2011. Net loss was $21.1M, compared to a net income of $44.3M in the corresponding period in 2011. Total net revenues for 2012 were $176.1M, a 49.3% increase from 2011. Net loss in 2012 was $75M, compared to a net income of $41.3M in 2011.
|
Renren: An Excellent Long-Term Opportunity
SEEKING ALPHA - Dec 20 - Based in China, Renren is often called the "Facebook of China". Renren had completed its IPO back in May 2011. The stock has fallen more than 80% since its IPO. It is the largest social network in China since Facebook is blocked in the country. Renren's other platforms include Game.renren.com, an online games center; Numoi.com, one of the leading social commerce sites in China; and 56.com, a video-sharing website. Last month, Renren reported its 3Q financial results, posting total net revenue of $50.4M, up 47.2% over the same period in the previous year. Online advertising revenue dropped due to increasing competition and continued migration of Renren's traffic from PC to mobile. Renren's other businesses are growing at a brisk pace. Online gaming revenues accounted for half of the company's total revenue.
|
Renren Q3 Loss Widens On Higher Operating Costs
MARKETWATCH - Nov 13 - Renren's Q3 loss widened as the Chinese social-networking company's operating expenses jumped, offsetting an increase in revenue from online games. The company expects Q3 revenue between $45 - $47M. Renren runs one of the largest social-networking websites in China, as well as a popular daily-deal site, Nuomi. Online-advertising sales decreased 14% YOY. CEO Joseph Chen blamed a weak economy and intensifying competition, as well as continued migration of Renren's traffic to mobile devices. Renren posted a loss of $15.4M, compared with a year-earlier loss of $1.2M.
by Kristin Jones
See full article at MarketWatch
|
Renren Swings To 2Q Loss
WSJ - Aug 8 - Renren expects Q3 revenue between $49 - $51M, below the $52M estimate from analysts polled by Thomson Reuters. Renren, often called the "Facebook of China," runs one of the largest social network there, Renren.com, as well as one of the biggest Chinese daily deals sites, called Nuomi.com. The company acquired a video-sharing website in October called 56.com. Monthly unique log-in users increased to 45M in June, up 31% YOY. Renren had 162M activated user accounts as of June 30, up from 124M a year earlier. Renren posted a loss of $24.9M compared with a year-earlier profit of $751K. Revenue improved 47% to $44.8M.
|
Renren CEO: Mobile And Pinterest-type Services Are Key Focus
THE NEXT WEB - June 18 - Speaking at the Cannes Lions event this weekend, Renren CEO Joe Chen gave some interesting insight into the unique Chinese social networking space. Chen said, the ‘poke’ — an action made world-famous by Facebook — has never worked in China, and initially when Renren grew its service, users preferred to jab their friends by stealing each other’s virtual vegetables. Social gaming is particularly significant in China. One thing that Chen has observed working is Pinterest. China has plenty of Pinterest clones that have sprouted up. Like the West, mobile is a key platform that is emerging in China, particularly key given that the country is the world’s largest smartphone market, based on both shipment volumes and device activations.
|
Chinese Social Network Renren Sees Losses Increase
BBC.CO.UK - May 15 - Renren posted a loss of $13.6M compared to $2.6M in losses YOY. The firm runs one of the biggest social network in China, as well as a daily deals site. Renren said it had to raise expenditure on marketing to $17.4M, a 78% increase from last year, mainly on its daily deals site Nuomi.com. However online gaming has proven to be a good alternate source of revenue for the company.
|