Chinese social networking site Renren (RENN) released the unauditted financial statements for the first fiscal quarter ended March 31, 2012. The results show that Renren released revenues of $32.10 million for the first quarter, an increase of 56.1% compared to the same period of last year; net loss was $13.6 million, widening 423% compared with the net loss of $2.6 million in the same period of last year.
The Q1 results exceeded market expectations: net loss per share of 3 cents on revenue of $32.10 million, while analysts had expected: net loss per share of 4 cents on revenue of $29.70 million.
As od closing bell, Renren stock price reported at $5.84, representing an increase of 6.38%, or $0.35, compared to the prior day closing price. Over the past 52 weeks, Renren stock prices traded between $3.21 to $14.80 and the current share price is 61.4% off the highest stock price.