UPDATE: Renren (RENN) Reports Q2 Loss of $0.25; Offers 3Q Revenue Outlook

Renren (NYSE: RENN) reported Q2 EPS of ($0.25). Revenue for the quarter came in at $0 , versus $0 reported last year.

• Total net revenues were US$135.0 million, a 582% increase from the corresponding period in 2017. - Used auto sales revenue was US$122.7 million. We initiated used auto sales business through one of our subsidiaries in the second quarter of 2017. - Internet Value-Added Services (IVAS) and others net revenues were US$12.1 million, an 18.6% increase from the corresponding period in 2017. - Financing income was US$0.2 million, a 97.4% decrease from the corresponding period in 2017.
• Gross profit was US$5.4 million, a 16.0% increase from the corresponding period in 2017.
• Operating loss was US$32.6 million, compared to an operating loss of US$15.1 million in the corresponding period in 2017.
• Net income (1) attributable to the Company was US$166.1 million, compared to a net loss of US$17.2 million in the corresponding period in 2017.
• Adjusted loss from continuing operations (2) (non-GAAP) was US$19.0 million, compared with an adjusted loss from continuing operations of US$9.9 million in the corresponding period in 2017.
• Adjusted net income (2) (non-GAAP) was US$177.5 million, compared to an adjusted net loss of US$12.0 million in the corresponding period in 2017.

"We are pleased that our revenues grew 582% year-over-year, supported by the addition of our used auto retail business one year ago. We have been able to leverage Renren's past experience in integrating more technology into our auto business, including a mobile app for consumers to browse for autos and purchase value-added services, big data analytics to optimize procurement and an auto dealership SaaS platform that improve efficiencies in our dealership operations. Q2 also saw the disposition of almost all of our investments in private companies. We believe this will sharpen our management focus on our auto and SaaS operating businesses as we strive to create sustainable shareholder value for the long term," commented Joseph Chen, Chairman and Chief Executive Officer.

GUIDANCE:

Renren sees Q3 2018 revenue of $123-128 million, versus the consensus of $0 million.

For earnings history and earnings-related data on Renren (RENN) click here.

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