Renren Swings To Third-Quarter Loss

Renren Inc

swung to a third quarter net loss. Renren posted a quarterly net loss of $1.2 million, versus a year-ago net profit of $7.3 million. On the basis of earnings per American Depositary Share, Renren reported earnings of $0.00 per ADS, versus earnings of 8 cents per ADS, in the year-ago period. However, analysts were expecting earnings of a penny per ADS. Renren's revenue surged 57% to $34.2 million, versus $21.8 million. Its gross margin dropped to 80.4% from 81%. Renren expects Q4 revenue of $31 million to $33 million, versus analysts' estimates of $35.7 million. Renren shares dipped 11.42% to $4.50 in after-hours trading.