Renren net revenues up 38.5%, adjusted net loss $40.6 million
Staff Writer |
Renren announced its unaudited financial results for the second quarter ended June 30, 2016. Total net revenues were $14.4 million, a 38.5% increase from the corresponding period in 2015.
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Advertising and IVAS net revenues were $7.6 million, representing a 14.6% decrease from the corresponding period of 2015.
Renren advertising revenues were $0.8 million for the second quarter of 2016, a 78.7% decrease from the corresponding period of 2015.
The decrease was due to increasing competition and the continuing migration of company's traffic to mobile. Internet Value-Added Services (IVAS) revenues were $6.8 million, representing a 34.7% increase from the corresponding period in 2015.
The increase was mainly due to the revenue from woxiu and the new Renren mobile live streaming revenue started this quarter. Monthly unique log-in users decreased from approximately 45 million in June 2015 to approximately 35 million in June 2016.
Financing income was $6.8 million for the second quarter of 2016, compared to $1.5 million in the corresponding period of 2015. The increase was in line with the increase of financing receivable from $62.4 million as of June 30, 2015 to $207.2 million as of June 30, 2016.
Renren cost of revenues was $13.1 million, a 75.4% increase from the corresponding period of 2015.
Operating expenses were $20.1 million, a 28.7% decrease from the corresponding period of 2015.
Selling and marketing expenses were $5.2 million, a 40.5% decrease from the corresponding period of 2015. The decrease was primarily due to a decrease in advertising expenses, headcount reductions, and a decrease in personnel related expense.
Research and development expenses were $4.6 million, a 46.5% decrease from the corresponding period in 2015. The decrease was primarily due to headcount reductions and a decrease in personnel related expense.
General and administrative expenses were $10.2 million, a 4.9% decrease from the corresponding period in 2015.
Share-based compensation expenses, which were all included in operating expenses, were $5.5 million, compared to $6.2 million in the corresponding period in 2015.
Renren operating loss was $18.8 million, compared to an operating loss of $25.3 million in the corresponding period in 2015.
Realized gain on short-term investments was $0.7 million, compared to a loss of $48.8 million in the corresponding period in 2015.
Earnings in equity method investments were $1.4 million, compared to earnings of $3.3 million in the corresponding period in 2015.
Net loss attributable to Renren was $46.1 million, compared to a net loss of $70.3 million in the corresponding period in 2015.
Adjusted net loss (non-GAAP) was $40.6 million, compared to an adjusted net loss of $64.3 million in the corresponding period in 2015.
Adjusted net loss is defined as loss excluding share-based compensation expenses and amortization of intangible assets. ■