Renren Reports First Quarter 2023 Financial Results
Renren Inc. American Depositary Shares, each representing fifteen Class A ordinary shares (RENN)
US:NYSE Investor Relations:
ir.renren-inc.com
Company Research
Source: PR Newswire
PHOENIX, May 17, 2023 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates two US-based SaaS businesses, Chime Technologies Inc.© and Trucker Path Inc.©, today reported its first quarter 2023 financial results.First Quarter 2023 Financial HighlightsRevenue increased 18% over Q1 2022 to $12.1 millionGross profit increased 20% over Q1 2022 to $9.4 million; gross profit margin increased from 76% in Q1 2022 to 78%Loss from operations improved from a loss of $4.8 million in Q1 2022 to a loss of $3.4 millionNet cash used by operating activities of $2.8 million the first quarter of 2023 compared to $1.8 million used during the first quarter of 2022Total cash & cash equivalents and short-term investments of $49.9 million as of the end of Q1 2023"We remain focused on unlocking the full potential of both our SaaS platforms, Chime and Trucker Path, while making prudent investments in new initiatives such as our property management software and services platform Re
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