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Renren Q1 loss widens 22.2% YOY

Renren Inc. said its first-quarter normalized net income amounted to a loss of 29 cents per share, compared with a loss of 23 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $19.5 million, compared with a loss of $15.9 million in the prior-year period.

The normalized profit margin increased to negative 180.6% from negative 191.0% in the year-earlier period.

Total revenue increased 29.2% on an annual basis to $10.8 million from $8.3 million, and total operating expenses fell 17.1% from the prior-year period to $30.0 million from $36.1 million.

Reported net income totaled a loss of $30.6 million, or a loss of 47 cents per share, compared to a loss of $20.4 million, or a loss of 37 cents per share, in the prior-year period.