S&P 500
7,588.60
+0.51%
Dow Jones
52,758.90
+0.47%
Nasdaq 100
29,885.70
+0.46%
Russell 2000
2,982.51
-0.27%
FTSE 100
10,543.60
+0.61%
Nikkei 225
69,317.20
+0.42%

Investing

China’s Renren Posts Profit (RENN, BIDU, TUDO, SINA, SOHU)

Photo of Paul Ausick
By Paul Ausick Published

Chinese social networking company Renren Inc. (NYSE: RENN) reported fourth-quarter and full-year earning this morning with a surprising upside on profits. The company is one of many Internet and social networking firms in China. The biggest and probably best known is Baidu Inc. (NASDAQ: BIDU), China’s search leader, and other social networking companies like Tudou Holdings Ltd. (NASDAQ: TUDO), Sina Corp. (NASDAQ: SINA), and Sohu.com Inc. (NASDAQ: SOHU).

Renren posted earnings per ADS of $0.11, compared with expectations of a loss of -$0.02 per ADS. Revenue jumped 57% year-over-year to $31.8 million, in line with the company’s own forecast and the consensus estimate.

Renren’s online advertising revenue grew 66% year-over-year although gross margins narrowed from 80% to 71%.

The company said that 50% of its traffic comes from mobile devices and that it plans to shift its emphasis to mobile apps.

Contact [email protected] for any questions or corrections.

Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

The Big Bounce For Chinese Internet Stocks

Three of China’s bigger Internet players reported earnings this morning, and the results are lifting virtually all of the country’s…

Jon C. Ogg |

SINA Rides China Social Media & Microblogging Growth Bandwagon

SINA Corp. (NASDAQ: SINA) is surging this morning after the company’s user base reached the 300 million registered user mark…

Jon C. Ogg |

The New Social Media ETF’s Interesting (and odd) Composition (SOCL, SINA, NTES, GOOG, YNDX, RENN, GRPN, LNKD, UNTD)

These ETF products which trade in the U.S. but are composed of a bunch of internationally listed shares are often a…

Paul Ausick |

Woes at Chinese Internet Companies Continue

Only one of China’s top Internet companies carries a higher share price today than it did one year ago. And…

SINA Gears Up for Weibo Distribution
Chris Lange |

SINA Gears Up for Weibo Distribution

SINA watched its shares slide on Wednesday following the announcement that the company will be distributing part of its stake…

Paul Ausick |

Chinese Internet Stocks Fall on Dangdang Results

China’s largest B2C e-commerce company, E-Commerce China Dangdang Inc. (NYSE: DANG) reported first quarter results last night that did not…

Jon C. Ogg |

Social Media ETF Is Running and Does Not Even Own Facebook Yet (SOCL, SINA, YNDX, GOOG, RENN, LNKD)

Global X Social Media Index ETF (NASDAQ: SOCL) is a clear beneficiary of the social media craze with a proposed…

Jon C. Ogg |

Lost Trust After Lost Value In Chinese Internets, But… (RENN, NQ, QIHU, BIDU, SNDA, SINA, LDK)

Maybe it was a really bad IPO. Maybe you can blame the constant accounting fiction by public and state-owned companies. …

Jon C. Ogg |

Social Media Drag Down, Does Web 1.0 Rule? (GSVC, SVVC, SINA, LNKD, RENN, SOCL, YHOO, AOL, GOOG)

It is no shocker today that the social media shares are heading lower this morning.  The Facebook shenanigans with its…

Top Gaining Stocks

Meta
META • Vol: 40,760,422
CarMax
KMX • Vol: 2,288,021
Weyerhaeuser
WY • Vol: 6,523,553
SBA Communications
SBAC • Vol: 1,443,801
NVIDIA
NVDA • Vol: 148,249,982

Top Losing Stocks

Moderna
MRNA • Vol: 9,176,778
Coterra Energy
CTRA • Vol: 73,319,495
CrowdStrike
CRWD • Vol: 9,269,567
Datadog
DDOG • Vol: 5,135,556
EPAM Systems
EPAM • Vol: 1,164,561