From Seeking Alpha
China's social networking giant Renren (NYSE:RENN) has recently released its quarterly results, in which its sales increased from last year due to a boost from online games. The company swung to a quarterly loss from a profit in 2011 as it increased its spending on core products but earnings topped analysts' estimates. The near term remains challenging but the company is investing heavily in its future, which will make it more competitive in the long term.
The company's total net revenues have increased by 48.81% from the same quarter last year and dropped by 3.08% from the previous quarter to $48.8 million coming on the back of higher internet value added services (IVAS) revenues, which include services such as online games and daily deals website Nuomi. However, online advertising remains …. read more