Renren Q3 revenues increased 102.8%, net loss $22.8 million
Staff Writer |
Renren announced its unaudited financial results for the third quarter ended September 30, 2016.
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Total net revenues for the third quarter of 2016 were $17.9 million, representing a 102.8% increase from the corresponding period in 2015.
Advertising and IVAS net revenues were $9.6 million, representing a 31.0% increase from the corresponding period of 2015.
Advertising revenues were $0.1 million for the third quarter of 2016, compared to $1.5 million in the corresponding period of 2015.
Internet Value-Added Services (IVAS) revenues were $9.5 million, representing a 65.3% increase from the corresponding period in 2015.
The increase was mainly due to the revenue from the new Renren mobile live streaming that started in the second quarter in 2016.
Monthly unique log-in users was approximately 35 million in September 2016, compared to approximately 45 million in September 2015. The login users' monthly average time spent increased 17.5% year-over-year.
Financing income was $8.3 million for the third 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 $109.7 million as of September 30, 2015 to $268.3 million as of September 30, 2016.
Cost of revenues was $14.4 million, an 88.0% increase from the corresponding period of 2015.
Operating expenses were $22.1 million, a 9.3% decrease from the corresponding period of 2015.
Selling and marketing expenses were $6.0 million, a 19.5% decrease from the corresponding period of 2015. The decrease was primarily due to a decrease in headcount and in personnel related expense.
Research and development expenses were $5.5 million, a 36.6% 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 $10.7 million, a 28.1% increase from the corresponding period in 2015.
Share-based compensation expenses, which were all included in operating expenses, were $5.5 million, compared to $4.9 million in the corresponding period in 2015.
Operating loss was $18.6 million, compared to an operating loss of $23.2 million in the corresponding period in 2015.
Realized loss on short-term investments was $0.1 million, compared to a loss of $49.7 million in the corresponding period in 2015.
Loss in equity method investments was $1.3 million, compared to earnings of $1.3 million in the corresponding period in 2015.
Net loss attributable to the company was $22.8 million, compared to a net loss of $73.1 million in the corresponding period in 2015.
Adjusted net loss (non-GAAP) was $17.3 million, compared to an adjusted net loss of $68.3 million in the corresponding period in 2015.
Adjusted net loss is defined as loss excluding share-based compensation expenses and amortization of intangible assets. ■