Chinese Social Site RenRen Swings To Small Profit On Nasdaq


Credit: RenRen

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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