Renren Posts Profit - Quick Facts

(RTTNews) - Renren Inc (RENN), the Chinese online social networking platform, Monday reported second-quarter net earnings of $31.3 million or $0.09 per American depositary share, or ADS. This compares with a loss of $9.3 million or $0.03 per ADS last year.

Results for the quarter included $86 million gain on the sales of short-term investments.

Revenues for the quarter were $25 million compared with $43.4 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.07 per share on revenues of $21.9 million for the quarter. Analysts' estimates typically exclude special items.

Operating expenses were lower at $39.5 million compared with $51.8 million last year.

Looking ahead to the third quarter, the company expects revenues of $19 million to $21 million, while analysts expect $22.94 million.

Renren stock closed Monday at $3.27, up $0.04 or 1.24%, on a volume of 1.1 million shares on the NYSE. In after hours, the stock gained $0.03 or 0.92% at $3.27.