Feb. 15, 2012 (China Knowledge) - Renren Inc<RENN>, the leading real-name social networking internet platform in China
, expected its un-audited operating losses on a non-GAAP basis are estimated to be in the range of US$15 million to US$17 million in the fourth quarter of 2011.
The losses were principally caused by increased investments, including the acquisition of 56.com, the UGC video-sharing website that the U.S.-listed firm acquired last October, said Renren.
Revenue for the fourth quarter of last year is estimated to be within the previously forecasted range of US$31 million to US$33 million.
CEO Joseph Chen noted we expect our revenue for 2012 would increase by 50% to 55%, a growth range similar to the pace the company realized in 2011.
Renren may not make profits this year but must have a bright future with long-term value for shareholders, Chen added.
The fiscal report for the fourth quarter of last year and the whole year of 2011 will be released on Mar. 8.