Maintain a hold on everyone company stock holding

The following is a summary of the contents of the report:

Everyone will be in the U.S. Eastern Time August 14, 2013 after the close of the U.S. stock market (Beijing time August 15) released in the second quarter of the 2013 financial year of June 30 earnings, and will be 9 o'clock in the evening (Beijing time August 15 9 o'clock in the morning) conference call. The telephone number for the conference call is as follows: United States: +1 845-675-0437; Hong Kong, China: +852-2475-0994, mainland China, +86 800-819-0121; international: +65-6723-9381; Password: Renren.

Lower revenue forecasts: Everyone is expected to reduce the second-quarter revenue from 55 million to $57 million to $49 million to $50 million, with a quarter-on-quarter growth of 5% to 7%, up from 9% to 12% year-on-year. Everyone said the reduction was expected mainly because of new mobile and cross-platform game delays. Operating losses, based on non-US GAAP, are estimated at $29 million to $30 million trillion, while operating at $24 million trillion in the previous quarter, operating at a loss of $19 million a year earlier. The net loss is expected to be USD 4 million to $5 million, possibly benefiting from one-off income.

Advertising revenue slump: we expect that the second quarter of everyone's advertising revenue will fall year-on-year, mainly because of the growth of mobile traffic, thereby eating into the PC advertising business. In the market, everyone faces the fierce competition between Sina Weibo and Tencent micro-letter.

Mobile strategy: Everyone and mobile application analytics company Flurry in the U.S. market, mobile developers who use the platform for everyone's games will be able to use Flurry's application analysis tools and commercial platforms.

Stock Repurchase: Everyone announced a new 100 million dollar share repurchase plan until June 2014.

Valuation: We continue to maintain a "hold-see" rating for everyone's stock.