Chinese Social Site RenRen Swings To Small Profit On Nasdaq

RenRen map

In its second disclosure to the Nasdaq since floating there in May, Chinese social network RenRen says that it swung to a Q2 net income of $800,000, from a $25.5 million net loss the year before.

Advertising income nearly doubled to $16.9, representing just over half of the site’s revenue.

The site has 124.2 active users and raised $743.4 million by floating in New York in May.

The company has been spending on marketing to drive awareness of its year-old group buying site Nuomi, which made $1.1 million in Q2.

It is now committing to investment in mobile R&D, and expects Q3 revenue to show up to 63 percent year-over-year growth at up to $35.5 million. But that is below market expectation, sending shares down.

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