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 EDT
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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., formerly Renren Inc., is developing business-to-business (B2B) software-as-a-service (SaaS) technology solutions. The Company provides management expertise, support services, and capital to help its SaaS businesses. Its Trucker Path application is used by North American long-haul truckers, brokers, and fleets carriers. Trucker Path provides drivers with real-time trip planning insights including turn-by-turn navigation, reviews, real-time fuel pricing and discounts, and information about points of interest, including truck stops, weigh stations, and available truck parking. The Company, through its subsidiary, Chime Technologies, Inc., provides a Customer relationship management (CRM) and sales acceleration platform, which is designed to help real estate agents, teams, and brokerages close deals. The platform combines Internet Data Exchange (IDX) websites, marketing automation, and artificial intelligence (AI) to capture and convert leads into new business.
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