BGN Entrepreneur

According to Joseph Chen, chief executive of China’s largest social networking service－－Renren, it is said that the company is looking to make more money from online shopping than advertisements or games in the future. This is why Renren keep investing into the lossmaking sector of Nuomigroup buying unit.
On Friday, this largest operator in China of a Facebook-like service just reported a net profit of $751,000 for the three months to June. The company’s revenues jump to $30.4m for the very first time ever since its IPO in May. However, Renren’s operating costs almost doubled from the same periodin 2010, which was most driven by Nuomi’s marketing and personnel costs.

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