Delays in its Android gaming assault see Renren's Q2 sales 10% lower than expectations
Also expects to make a $29 million loss
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.
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]