Renren’s stock has slipped after a mixed Q2 earnings report earlier this week, where net revenues were $44.8 million, up 47.5% year over year, but advertising revenues decreased and analysts are worried that the social network may be losing its potential as the “Facebook of China”. The stock has dropped around 25% over the last few months and the big question is whether nor not now is the time to buy cheap. I look at what some analysts are saying below.
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Renren, one of the biggest Chinese social networks, has been selected as the first social networking application for Windows upcoming Windows store. The Windows 8 version of the application uses the famed “Metro” look, with various large, colorful rectangles. The “HD” refers to the fact that it’s optimized to be used on a large screen tablet.
Renren, after a pretty tough couple of months that’s seen the stock come down from an IPO of between $12 and $14 to around $5 today, has joined other Chinese stocks in some of their best rallies of the year. Renren CEO Joseph Chen pointed out that mobile demand is boosting the user numbers. This could mark a revolution in the way Chinese users use the social network — mobile has always been a popular form of networking in the East, as proved by the Japanese social networks GREE and DeNa.
Investors have put some serious volume into investing in Renren, the “Chinese Facebook” over the last three days, seemingly identifying the site as a possible social media growth stock that can ride the coattails of Facebook. Between January 29th and the end of the 30th, the stock rose from around $4 to a high of $6.50, but has since come down to around $5.50. The question is whether the stock will continue to grow as the Facebook IPO goes through.
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