Renren announces Quarterly and annual unaudited financial reports

On the morning of March 19, Renren (Nyse:renn) released its unaudited financial report for the quarter 2013 and the full year ended December 31 in Tuesday. Everyone plunged 10.34% per cent and the stock fell to $3.38, after a sharp fall in the quarter's earnings and expectations for the next quarter.

Earnings showed that Renren's total net revenue for the fourth quarter was $30.7 million, down 29.1% per cent, while the net profit for everyone was 101.5 million US dollars, better than the net loss of $21.1 million a year earlier.

Renren's net profit soared in the fourth quarter, thanks to a one-off gain of $132.7 million from the sale of its subsidiary, Glutinous Rice.

In terms of performance expectations, Renren expects net operating income in the first quarter of 2014 to be between $23 million and $25 million, down 40% to 45% from a year earlier. This expectation reflects the current initial expectations of Renren and does not preclude the possibility of adjustment changes.

Renren landed at the NYSE on May 4, 2011, offering a price of USD 14 and a maximum of USD 24 after listing. However, the current stock price has been under 5 U.S. dollars for nearly two years due to poor performance.