Renren breaks even in 2Q; sales outlook sub-par


NEW YORK (AP) — Chinese online social network operator Renren Inc. said Thursday that it posted a slim net profit in the second quarter, reversing a loss from a year ago. On a per-share basis, the company broke even, in line with analysts’ forecasts.

Net income in the three months through June 30 came to $751,000, compared to a loss of $25.5 million, or 31 cents per American depositary share, a year ago.

Revenue rose 53 percent to $30.4 million from $19.8 million. That narrowly beat the estimates for $29.5 million in revenue by analysts polled by FactSet.

Renren said it expects third-quarter revenue to reach $33.5 million to $35.5 million. The midpoint is slightly below the expectation of analysts, who had expected third-quarter revenue of $34.8 million.

American Depositary Shares fell 90 cents, or 11.5 percent, to $6.88 in after-hours trading following the release of results, after climbing 54 cents, or 7.5 percent, to close at $7.78 in the regular session.