Renren announced its unaudited financial results for the third quarter ended September 30, 2015. Total net revenues were $12.4 million, representing a 36.4% decrease from the corresponding period in 2014.
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Renren net revenues were $8.6 million, representing a 24.5% decrease from the corresponding period of 2014. Within Renren net revenues, online advertising revenues were $1.5 million for the third quarter of 2015, a 77.1% decrease from the corresponding period of 2014.
The decrease was due to increasing competition and the continuing migration of our traffic to mobile. Internet Value-Added Services (IVAS) revenues were $7.1 million, representing a 51% increase from the corresponding period in 2014, primarily due to the increase in revenue from woxiu and internet finance business.
Monthly unique log-in users increased from approximately 44 million in September 2014 to approximately 45 million in September 2015.
Games net revenues were $3.8 million for the third quarter of 2015, a 53.3% decrease from the corresponding period of 2014. The decrease was due to the previously launched games having reached their mature stages.
Cost of revenues was $9.9 million, a 20.1% decrease from the corresponding period of 2014.
Operating expenses were $25.7 million, a 69.6% decrease from the corresponding period of 2014.
Selling and marketing expenses were $7.7 million, a 22.9% decrease from the corresponding period of 2014. The decrease was primarily due to decreases in advertising and promotions for online games and Renren branding campaigns.
Research and development expenses were $8.8 million, a 27.4% decrease from the corresponding period in 2014. The decrease was primarily due to headcount reduction and the resulting decrease in personnel-related expenses.
General and administrative expenses were $9.2 million, a 30.6% decrease from the corresponding period in 2014. The decrease was primarily due to the decrease in personnel-related expenses.
Share-based compensation expenses, all of which were included in operating expenses, were $4.9 million, compared to $6.6 million in the corresponding period in 2014.
Operating loss was $23.2 million, compared to an operating loss of $77.4 million in the corresponding period in 2014.
Net loss attributable to the company was $82.0 million, compared to a net loss attributable to the company of $38.1 million in the corresponding period in 2014. In the third quarter of 2014, the company recognized a $47.2 million gain from equity method investment.
Adjusted net loss (non-GAAP) was $77.1 million, compared to an adjusted net income of $29.3 million in the corresponding period in 2014. ■