Tuesday, May 15, 2012

Renren (NYSE: RENN) shares rise on strong results

Renren (NYSE: RENN) shares rise on strong resultsPalm 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.

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