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Delays in its Android gaming assault see Renren's Q2 sales 10% lower than expectations

Delays in its Android gaming assault see Renren's Q2 sales 10% lower than expectations
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]
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.

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