May. 16, 2012 (China Knowledge) - Renren Inc<RENN>, the leading real-name social networking internet platform in China
, has posted US$13.6 million-net loss attributable to shareholders for the first quarter of this year, compared with a net loss of US$2.6 million in the corresponding period in 2011.
Non-GAAP net loss expanded from US$1.1 million to US$11.3 million in the three months ended Mar. 31, 2012.
Total revenues for the first quarter of 2012 surged 56.1% from a year earlier to US$32.1 million, including US$9.3 million in online advertising revenue and US$22.8 million in Internet value-added services revenue.
Gross profit was US$19.6 million, an 18.9% increase from a year ago. In the first quarter of 2012, the firm's operating expenses were US$40.2 million, an 89.8% increase from the corresponding period of 2011.
In addition, U.S.-listed Renren expects to generate revenues in the range from US$41 million to US$43 million in the second quarter of 2012, representing 35% to 41% year-on-year growth, sources reported.