Renren Announces Unaudited Fourth Quarter and Fiscal Year 2011 Financial Results
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BEIJING, March 8, 2012 /PRNewswire-Asia/ – Renren Inc. (NYSE: RENN) (“Renren” or the “Company”), the leading real-name social networking internet platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2011.
Fourth Quarter 2011 Highlights
- Total net revenues in the fourth quarter of 2011 were US$32.8million, a 57.0% increase from the corresponding period in 2010.
- Online advertising revenues in the fourth quarter were US$15.0 million, a 66.3% increase from the corresponding period in 2010.
- Gross profit in the fourth quarter of 2011was US$23.1 million, a 38.6% increase from the corresponding period in 2010.
- Operating loss in the fourth quarter of 2011was US$19.7 million, compared to US$2.3 million operating income in the corresponding period in 2010.
- Net income attributable to Renren in the fourth quarter was US$44.3 million, compared to a net loss of US$33.9 million in the corresponding period 2010.
- Adjusted net income(1) (non-GAAP) was US$48.2 million, compared to US$5.2 million in the corresponding period in 2010.
Fiscal Year 2011 Highlights
- Total net revenues in 2011 were US$118.0 million, a 54.1% increase from 2010.
- Online advertising revenues in 2011 were US$59.6 million, an 86.3% increase from 2010.
- Gross profit in 2011was US$91.7 million, a 53.1% increase from 2010.
- Operating loss in 2011 was US$30.2 million, compared to US$7.7 million operating income in the corresponding period in 2010.
- Net income attributable to Renren in 2011 was US$41.3 million, compared to a net loss of US$64.2 million for 2010.
- Adjusted net income(1) (non-GAAP) in 2011 was US$49.7 million, compared to US$17.4 million in 2010.
“2011 was an exciting year for Renren with progress in multiple directions, most notably our solid user metrics, strong growth of core advertising revenues and successful launches of new products such as our mobile applications and light blogging service,” commented Joseph Chen, Chairman and Chief Executive Officer. “Renren’s initial public offering in May 2011 was an important event that further raised our brand recognition and financial resources to new levels. The IPO proceeds have subsequently allowed us to execute our strategic acquisition of online video website 56.com, invest in location-based technology through Mapbar.com
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