glutinous rice net business income increased to 3.6 million U.S. dollars in the second quarter

BEIJING, August 8 (Xinhua) today, Renren announced the second quarter of 2012 as of June 30 without the audit results, the results show that its social group buying website glutinous Rice net revenue increased to 3.6 million U.S. dollars in the second quarter, compared with the same period last year, 1.1 million U.S. dollars and the first quarter of 2.5 million U.S. dollars, glutinous Rice Net two quarter net revenue year-on-year growth is rapid, year-on-year growth of 227%, the chain growth of 44%.

In a conference call after the report, Chen, chairman and chief executive of Renren, said that the consolidation of the group buying industry was still ongoing, making the sticky rice net attractive to local boutique businesses gradually slowing down, while allowing us to slightly improve our gross profit margins and enhance our bargaining power.

Chen also said that group buying is actually a technology-intensive industry, because it is both an e-commerce platform and advertising platform, but also across the PC and mobile advertising platform, we still have a lot of room for improvement, can improve the user's conversion rate. glutinous rice Network In the past two quarters to strengthen research and development efforts to improve operational efficiency, which is one of our major competitive advantage.

When it comes to the difference in product form between Chinese and foreign group buying, Chen says, first of all, Groupon relies heavily on email, which has a much lower status in the Chinese Internet architecture, and, for example, glutinous rice Beijing station. The number of group deals still on the site is much larger than Groupon. These two major differences have strengthened the nature of the advertising platform of Chinese group buying business.

According to data released earlier, the first four quarters of the sticky rice net revenue of 1.1 million U.S. dollars, 1.7 million U.S. dollars, 2.7 million U.S. dollars and 2.5 million U.S. dollars, the corresponding net loss ratio of 4.5 million U.S. dollars, 6.54 million U.S. dollars, 9.63 million U.S. dollars and 8.2 million U.S. dollars. glutinous Rice net revenue of this season 3.6 million U.S. dollars, net loss of 7.2 million U.S. dollars, loss margin is continuing to narrow the chain. (Beijing, the IT channel)