NEW YORK (AP) — Chinese online social network operator Renren Inc. said Monday it posted a $21.1 million loss in the fourth quarter, beating Wall Street predictions, but it issued lower-than-expected revenue guidance for the current quarter.
Renren's loss amounted to 6 cents per American depository share and compared with a profit of $44.3 million, or 11 cents per share, in the same quarter last year. The year-ago results were boosted by a $51 million investment-related gain.
That beat average analysts' predictions of a loss of 7 cents per share, according to FactSet.
Excluding one-time items, the company said it posted an adjusted loss of $16.7 million for the 2012 quarter. Excluding results related to Nuomi, the company's social commerce site, Renren said the quarter's adjusted loss totaled $11.1 million. The company didn't give per-share amounts.
Revenue jumped 49 percent to $48.8 million from $32.8 million, better than the $46.4 million analysts expected.
Online game revenue more than doubled to $25.9 million, helped by an increase in popularity of several of its in-house developed games. Online advertising revenue fell 17 percent to $12.5 million, as tough economic conditions prompted advertisers to cut back on spending.
The number of activated users on Renren.com jumped 21 percent year over year to about 178 million as of Dec. 31.
For the full-year 2012, Renren posted a loss of $75 million, or 20 cents per share, compared with a profit of $41.3 million, or 14 cents per share, in 2011. Revenue increased to $176.1 million from $118 million.
The company said it expects its first-quarter revenue to total between $44 million and $46 million, while analysts expect $51.4 million.
Renren shares slipped 5 cents to $3.02 in premarket trading.