Chinese social media platform Renren (NASDAQ:RENN) has announced its unaudited FY14 Q2 results, for the three months ending 30 June 2014.
Revenues were $25 million, down 42 percent year-on-year.
Net revenue from games was $15.1 million, down 27 percent.
The company made an operating loss of $30.4 million, compared to a loss of $26 million 12 months ago.
However, due to a $86 million gain on the sale of short-term investments, the company posted net income of $31.3 million.
The company ended the quarter with cash and equivalents worth $239 million.
Awaiting the future
Renren said that its live games had reached a mature phase, while its reorganisation in late 2013 hasn't yet resulted in the launch of successful titles.
"In the beginning of this year, Renren made a strategic shift to focus on college students and young generations in China. We are encouraged to see the progress we have made in this direction, as Renren has increasingly become the go-to brand for reaching and influencing this important demographic in China," said CEO Joseph Chen.
"On the other hand, we continue to face challenges in monetization of most of our assets. As a result, we have taken further steps to streamline the organization and enhanced our efforts to explore new monetization approaches.
"We will do our best to reduce the gap between our user base size and the monetization level, and unlock the value of our assets."