Renren Turns To Profit In Q1 - Quick Facts

(RTTNews) - Renren Inc. (RENN) reported that its first-quarter net income attributable to the company was US$32.3 million or $0.09 per ADS, compared to net loss of US$3.1 million or $0.01 per ADS in the comparable quarter last year.

Adjusted net income in the latest first quarter was US$36.1 million, compared to net loss of US$472 thousand in the previous year quarter.

Total net revenues for the first quarter were US$24.90 million, down 39.9% from US$41.45 million in the prior year quarter.

On average, analysts polled by Thomson Reuters expected the company to report a loss of US$0.06 per share on revenues of US$25.74 million for the quarter. Analysts' estimates typically exclude special items.

The company expects to generate revenues in an amount ranging from US$21 million to US$23 million in the second quarter of 2014, representing 47.1% to 51.7% year-over-year decline. Analysts expect the company to report revenues of US$30.03 million for the second-quarter.