Renren Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended of June 30, 2017; Provides Earnings Guidance for the Third Quarter of 2017
August 30, 2017 at 09:20 am
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Renren Inc. reported unaudited consolidated earnings results for the second quarter and six months ended of June 30, 2017. For the quarter, the company reported total net revenues of $22,332,000 compared to $14,375,000 a year ago. Loss from operations was $15,456,000 compared to $18,813,000 a year ago. Loss before provision of income tax and loss in equity method investments, net of tax was $78,209,000 compared to $47,143,000 a year ago. Loss from continuing operations was $17,195,000 compared to $46,098,000 a year ago. Net loss attributable to the company was $17,195,000 compared to $46,098,000 a year ago. Basic and diluted net loss per share attributable to the company was $0.02 compared to $0.05 a year ago. Adjusted net loss was $12,026,000 compared to $40,641,000 a year ago. Losses, adjusted for stock option expense, came to 17 cents per share.
For the six months, the company reported total net revenues of $43,278,000 compared to $25,154,000 a year ago. Loss from operations was $33,053,000 compared to $37,990,000 a year ago. Loss before provision of income tax and loss in equity method investments, net of tax was $97,702,000 compared to $66,546,000 a year ago. Loss from continuing operations was $33,373,000 compared to $77,949,000 a year ago. Net loss attributable to the company was $33,373,000 compared to $69,248,000 a year ago. Basic and diluted net loss per share attributable to the company was $0.03 compared to $0.07 a year ago. Adjusted net loss was $23,061,000 compared to $56,566,000 a year ago.
The company expects to generate revenues in an amount ranging from $60 million to $65 million in the third quarter of 2017, representing a 235.5% to 263.4% year-over-year increase. The increase is expected to be primarily due to revenue from used car sales through one of the subsidiaries that is conducting a used car trading business.
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, 2017; Provides Earnings Guidance for the Third Quarter of 2017