UPDATE: Renren Posts Wider Q3 Loss
Renren (NYSE: RENN) posted a wider third-quarter loss.
Renren projects current-quarter revenue of $45 million to $47 million, versus analysts' estimates of $51 million. Its online-advertising sales fell 14%.
Renren posted a quarterly loss of $15.4 million, or $0.04 an American depositary share, versus a year-ago loss of $1.2 million.
Its revenue climbed 47% to $50.4 million. The company in August expected revenue of $49 million to $51 million.
Renren's gross margin declined to 61.4% from 80.4%, while operating expenses surged 52% to $51.6 million.
Renren shares closed at $3.38 yesterday.
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