Chinese real-name social network Renren (NYSE: RENN) has announced its unaudited financial results for Q1 FY14, the three months ending 31 March 2014.
Net revenues were $24.9 million, down 40 percent year-on-year.
Of this, game revenues were down 52 percent to $12.7 million.
The company made an operating loss of $29 million, compared to an operating loss of $20 million in the corresponding period in 2013.
"First quarter revenues, as expected, remained under pressure from the challenges in advertising and gaming that we have faced for some quarters," commented CEO Joseph Chen.
"On the positive side, the portion of advertising from mobile is growing and the interest from brand advertisers for the young target demographic that Renren serves is notably increasing."
Monthly unique log-in users in March 2014 were approximately 51 million, compared to 57 million 12 months ago.
Renren said the fall in game revenue came from its games having reached mature stages, coupled with delays to new releases.
And it says the bad news to continue with Q2 revenues expected to be down at least 47 percent year-on-year.