UPDATE: Renren Posts Wider Q3 Loss

Renren 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.