Chinese real-name social network Renren (NYSE: RENN) has announced 'preliminary selected unaudited financial results' for its Q2 period, ending June 30, 2013.
Revenues are estimated to be in the range $49 million to $50 million.
This is lower than the previously forecasted range of $55 million to $57 million.
Operating loss for the period is expected to be $29 million to $30 million on a non-GAAP basis.
Careful preparation
Renren blamed this performance on delays in the planned launch of new mobile and cross-platform games for the Android market.
"As we continue to prepare towards our penetration into the Android market, our focus is to ensure the complete readiness of our games and a carefully prepared distribution strategy at the time of entry," commented CEO Joseph Chen
"The next wave of growth for our mobile and cross-platform games lies in monetising this enormously untapped but highly fragmented market opportunity."
The company will give a fuller picture of the situation during its earnings call on Thursday 15 August (China time).
[source: Renren IR]
News
Contributing Editor
A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.
Related Articles
Top Stories
Events
Arts DAO Fest 2.0 | Middle East | Apr 20th |
App Promotion Summit London | Europe | Apr 25th |
Esports Future Summit | Middle East | Apr 27th |
Dubai GameExpo Summit 2024 | Middle East | May 1st |
The MENA Games Industry Awards 2024 | Middle East | May 2nd |
GameDev Atlantic 2024 | May 4th | |
Mobidictum Meetup Berlin May 2024 | Europe | May 7th |
Mobidictum Meetup Tallinn May 2024 | Europe | May 21st |