The China-based company, Renren Inc. (NYSE:RENN), reported a stellar unaudited second quarter to 2018 with huge increases in revenue and newfound success in their recent acquisition. Renren operates social networking platforms, a used auto business, and a SaaS sector as well.
The company saw revenues increase 585% year-over-year, with gross profit increasing 16% year-over-year. Their used auto sales business accounted for the majority of revenues at $122.7 million for the quarter out of $135.0 million total.
The company also recently acquired Trucker Path, the largest online social networking platform for truckers. Trucker Path also just teamed up with Goodyear to extend their Commercial Tire & Service Center services directly to app users. The deal includes roadside assistance for tire-related issues for truckers all across the U.S.
Renren expects to bring in revenues growth in the 3rd quarter of this year of about 104.3% to 112.6% year-over-year.
A Comment from the CEO – Joseph Chen
“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” Read more: https://finance.yahoo.com/news/renren-announces-unaudited-second-quarter-100000415.html?.tsrc=rss