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China's "Facebook" Renren sees operating loss in Q4

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, 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.

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