Renren Loss Narrows in First Quarter
Renren Inc. said Tuesday its first-quarter net loss narrowed because of a leap in revenue and relief from warrant write-downs in the year-earlier period, as the Chinese social-networking company reported its first results as a U.S.-listed company.
May’s initial public offering by Renren, often called China’s Facebook Inc., was one of a series by Chinese Internet companies in recent months. Many of those IPOs drew strong investor demand, but concerns about a possible bubble in the stocks have pulled down share prices in recent weeks, as shares of U.S.-listed Chinese companies have also slumped due to concerns about possible accounting issues.
“We have achieved solid revenue growth in the first quarter,” Renren Chairman and Chief Executive Joseph Chen said on a teleconference about the results. Renren is likely to exceed its initial target for the year of reaching 34 million monthly active users, as its number hit about 33 million in May, he said.
