LONDON, UK / ACCESSWIRE / January 03, 2018 / Active-Investors.com has just released a free research report on Renren Inc. (NYSE: RENN).If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RENN as the Company’s latest news hit the wire. On December 29, 2017, the Company declared that it has signed an agreement to acquire Trucker Path Inc., a social platform for the trucking industry in the United States. The financial terms of the transaction remained undisclosed. The acquisition marks the entry of Renren into the transportation sector. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Renren most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Renren will be Well-Positioned Technologically to Drive Innovation with Acquisition
Commenting on the acquisition, Joseph Chen, Chairman and Chief Executive Officer (CEO) of Renren, stated that, currently, the two major emerging technology areas are artificial intelligence and blockchain. With the acquisition of Trucker Path’s social platform and the Truckloads freight marketplace, Renren will be well-positioned technologically to drive innovation within this important industry.
Renren Announced Q3 2017 Financial Results
On December 15, 2017, the Company announced its unaudited financial results for the third quarter ended September 30, 2017. Renren posted total net revenues of US$61.8 million, a 245.3% increase from the same period in 2016. The Company’s financing income was US$6.6 million for Q3 2017 versus US$8.3 million in the comparable period of 2016. Renren’s gross profit was US$6.1 million compared to US$3.5 million in Q3 2016, while net loss attributable to the Company was US$22.8 million compared to a net loss of US$22.8 million in the corresponding period in 2016. Renren declared operating expenses of US$33.5 million, a 51.3% increase from the same period of 2016.
Renren continues to pursue its plan to dispose of a newly formed subsidiary that would hold its advertising agency business and most of its investments in minority stakes in its investee companies. The Company is waiting for approval from the New York Department of Financial Services for the transfer of the Company’s shares of Social Finance, Inc. ("SoFi") from Renren Inc. to the Subsidiary.
Renren Disposed Certain Shares of Social Finance in April 2017
On April 04, 2017, Renren sold preferred shares of SoFi to certain investors, in connection with SoFi’s most recent round of equity financing. The Company received net proceeds of $91.9 million for these shares. After this transaction, Renren still retains 85.9% of its previous holdings in SoFi, a new kind of finance Company taking a radical approach to lending, wealth management, and insurance.
About Renren Inc.
Founded in 2005 and headquartered in Beijing, China, Renren operates a social networking service (SNS) and internet finance business in China, enabling users to connect and communicate with each other, share photos, and access mobile live streaming. The Company’s finance business includes primarily auto financing.
About Trucker Path Inc.
Established in 2013, Trucker Path develops an application-based platform that provides navigational assistance and freight matching for the trucking industry for truck drivers, enabling a large driver community to assist each other in updating the real-time status of relevant points-of-interest on their route. The Company offers ‘Trucker Path’, a trip planning application, and also provides ‘Truckloads’, a suite of apps and web-based solutions. Truck Path is based in Austin, Texas.
Stock Performance Snapshot
January 02, 2018 - At Tuesday’s closing bell, Renren’s stock surged 19.63%, ending the trading session at $12.43.
Volume traded for the day: 2.94 million shares, which was above the 3-month average volume of 273.87 thousand shares.
Stock performance in the last month – up 27.36%; previous three-month period – up 34.52%; past twelve-month period – up 56.35%; and year-to-date - up 19.63%
After yesterday’s close, Renren’s market cap was at $867.49 million.
The stock is part of the Technology sector, categorized under the Internet Software & Services industry. This sector was up 1.5% at the end of the session.
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