Renren Q3 Net Loss Widens

(RTTNews) - Renren Inc. (RENN) reported a net loss for the third quarter of US$38.1 million or US$0.11 per ADS, compared to a net loss of US$24.6 million or US0.07 per ADS for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was US$29.3 million, compared to an adjusted net loss of US$19.7 million in the corresponding period in 2013.

Total net revenues for the third quarter fell 47.4% to US$21.63 million from US$41.11 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of US$0.04 per ADS on revenue of US$22.76 million for the third quarter.

Looking forward, the company expects to generate revenues in an amount ranging from US$15 million to US$17 million in the fourth quarter of 2014, representing 44.6% to 51.1% year-over-year decline. Analysts currently expect the company to post revenue of $21.32 million for the fourth quarter.