Renren Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended of June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018
September 11, 2018 at 06:00 am
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Renren Inc. reported unaudited consolidated earnings results for the second quarter and six months ended of June 30, 2018. For the quarter, the company reported total net revenues of $135,037,000 compared to $19,788,000 a year ago. Loss from operations was $32,606,000 compared to $15,073,000 a year ago. Loss before provision of income tax and loss in equity method investments, net of tax was $2,280,000 compared to $15,651,000 a year ago. Loss from continuing operations was $3,017,000 compared to income of $41,329,000 a year ago. Net income attributable to the company was $166,119,000 compared to loss of $17,195,000 a year ago. Diluted earnings per share attributable to the company were $0.15 compared to loss per share of $0.02 a year ago. Adjusted loss from operations was $19,010,000 compared to $9,904,000 a year ago. Adjusted net income was $177,518,000 against loss of $12,026,000 a year ago.
For the six months, the company reported total net revenues of $274,816,000 compared to $40,259,000 a year ago. Loss from operations was $57,235,000 compared to $31,984,000 a year ago. Loss before provision of income tax and loss in equity method investments, net of tax was $38,046,000 compared to $33,292,000 a year ago. Loss from continuing operations was $40,422,000 compared to income of $22,981,000 a year ago. Net income attributable to the company was $124,569,000 compared to loss of $33,373,000 a year ago. Diluted net earnings per share attributable to the company were $0.11 compared to loss per share of $0.03 a year ago. Adjusted loss from operations was $31,181,000 compared to $21,672,000 a year ago. Adjusted net income was $158,691,000 against loss of $23,061,000 a year ago.
The company expects to generate revenues in an amount ranging from $123 million to $128 million in the third quarter of 2018, representing a 104.3% to 112.6% year-over-year increase.
Moatable, Inc. help companies, small business owners, and sole proprietors streamline their operations, reach more customers, and close business transactions using its SaaS products and services. It operates two software-as-a-service (SaaS) businesses, Lofty and Trucker Path. Lofty offers a real estate sales acceleration and client lifecycle management platform that allows real estate professionals to obtain and nurture leads, close transactions, and retain their clients. The platform combines Internet data exchange (IDX) websites, lead generation, marketing automation, advanced lead management, and AI to capture and convert leads into new business. Trucker Path is a driver-centric online transportation management platform. Trucker Path provides trip planning, navigation, freight sourcing, a marketplace that offers goods and services truckers use to operate their businesses and helps connect qualified brokers and carriers to expand their reach and initiate and complete transactions.
Renren Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended of June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018