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Renren Inc (NYSE:RENN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.33%.
Renren Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.16 in the quarter versus EPS of $-0.01 in the year-earlier quarter.
Revenue: Was the same at $80.2 million as the year-earlier quarter.
Actual vs. Wall St. Expectations: Renren Inc reported adjusted EPS income of $0.16 per share. By that measure, the company beat the mean analyst estimate of $-0.07. It beat the average revenue estimate of $46.41 million.
Quoting Management: “2012 was a year of investment and transition for Renren. We navigated through the opportunities and disruptions of mobile internet and came out a stronger mobile-centric company. We made progress in our mobile initiatives by rapidly growing our mobile traffic on Renren, driving significant revenues from mobile related games and opening up a whole new dimension for mobile commerce on Nuomi. We are encouraged by these advances and will continue to push forward in expanding existing and new mobile opportunities,” commented Joseph Chen, Chairman and Chief Executive Officer.
Key Stats (on next page)…
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