Renren's FY12 sales up 49% to $176 million as its game division gains momentum
Transition in progress
Sales were $176 million, up 49 percent year-on-year.
The company posted a operating loss of $92 million, compared to a loss of $30 million in 2011.
The good news for the social network, however, was that its online and mobile gaming division saw annual sales up 113 percent to $90 million.
Its mobile games division has 9 titles live on the Chinese App Store, while its Japan operation has four game live, and new US subsidiary Renren Games USA has just launched its debut title Merlin's Rage.
"2012 was a year of investment and transition for Renren. We navigated through the opportunities and disruptions of mobile internet and came out a stronger mobile-centric company," commented CEO Joseph Chen.
"We made progress in our mobile initiatives by rapidly growing our mobile traffic on Renren, driving significant revenues from mobile-related games and opening up a whole new dimension for mobile commerce on Nuomi."
[source: Renren IR]