Palm Beach, FL 5/15/12 (StreetBeat) -- Renren Inc's (NYSE: RENN) shares rose 11 percent after the Chinese social networking site posted quarterly results ahead of analysts' estimates, boosted by revenue from gaming services.
Renren said its revenue from gaming rose 91 percent in the quarter to $17.5 million, as the company's recently launched games and mobile gaming gained popularity.
On Monday, the company, known as China's Facebook, said revenue rose 56 percent in the first quarter to $32.1 million.
Renren shares were up 11 percent in morning trade on Tuesday at $6.07. They closed at $5.49 on Monday on the New York Stock Exchange.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail firstname.lastname@example.org or call (662) 392-0740 for pricing and scheduling.