NEW YORK, NY / ACCESSWIRE / September 12, 2018 / Social media stocks RenRen and Facebook were both in the green on Tuesday. RenRen soared after reporting second quarter financial results. Facebook didn’t have any particular news but a New Yorker article reported that Mark Zuckerberg, CEO of the social media giant, had been coached by Microsoft’s Bill Gates before testifying before Congress.
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RenRen Inc. shares closed up 57.66% on Tuesday with about 18.9 million shares traded. The Chinese company, which operates a social networking service (SNS) business, used auto business and SaaS business, saw its shares soar after announcing unaudited financial results for the second quarter ended June 30, 2018. For the quarter, the company reported net revenues of $135 million. This was a staggering 582% increase from the same period a year ago. Used auto sales revenue hit $122.7 million. Net income attributable to the Company was US$166.1 million, compared to a net loss of US$17.2 million in the corresponding period in 2017. Operating loss for the second quarter of the year came in at $3.02 million. Revenue was $135.04 million, compared to the $19.79 million reported during the same time last year. CEO Joseph Chen remarked, "We are pleased that our revenues grew 582% year-over-year, supported by the addition of our used auto retail business one year ago. We have been able to leverage Renren's past experience in integrating more technology into our auto business, including a mobile app for consumers to browse for autos and purchase value-added services, big data analytics to optimize procurement and an auto dealership SaaS platform that improve efficiencies in our dealership operations. Q2 also saw the disposition of almost all of our investments in private companies. We believe this will sharpen our management focus on our auto and SaaS operating businesses as we strive to create sustainable shareholder value for the long term."
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Facebook, Inc. shares closed up 1.07% yesterday on about 19 million shares traded. It was reported by the New Yorker that Microsoft's Bill Gates had coached Facebook's CEO Mark Zuckerberg when testifying in front of Congress over the data breach that Facebook had experienced earlier this year involving Cambridge Analytica. According to the report, Gates had learned his own mistakes when testifying in front of law makers in the 1990's over antitrust concerns. "I said, 'Get an office there — now… And Mark did, and he owes me," said Gates. Gates had told The New Yorker he had regretted "taunting" regulators and encouraged Zuckerberg to be mindful of Washington goings-on.
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