Renren announced its first quarter unaudited financial statements, the first once its public listing.
In the first quarter Renren’s total revenue reached USD 20.6 million, up 46.6% compared to Q1 in 2010; its net loss is USD 2.6 million, down 78.5%.
Online advertising revenue more than doubled to 8.1 million, benefiting from the increase of its total users. By the end of Q1 2011, Renren’s total active users reached around 117 million. And, it increased to 122 million by May 31 2011.
A bigger chunk of its revenue came from Internet value-added services (IVAS) with a total of 12.4 million including 9.1 million from online gaming.
Here is a summary from Renren:
- Total net revenues were US$20.6 million, a 46.6% increase from the corresponding period in 2010.
- Online advertising revenues were US$8.1 million, a 100.5% increase from the corresponding period in 2010.
- Gross profit was US$16.5 million, a 57.6% increase from the corresponding period in 2010.
- Net loss was US$2.6 million, a 78.5% decrease from the corresponding period in 2010.
- Adjusted net loss was US$1.1 million, compared to US$0.6 million adjusted net income in the corresponding period in 2010.