Renren (NYSE:RENN) investors should gird themselves for a bit of disappointment. The company has dialed down revenue projections for its Q2. It now believes its top line will come in at $49 million to $50 million for the quarter, several million dollars shy of the $55 million to $57 million it previously estimated.
In the press release announcing the adjustment, the company quoted its CEO Joseph Chen as saying that it was "due to delays in our game pipeline." He continued: "As we continue to prepare toward our penetration into the Android market, our focus is to ensure the complete readiness of our games and a carefully prepared distribution strategy at the time of entry."
Renren's Q2 ended on June 30. The company will discuss the quarter's results in a conference call at 9 a.m. Eastern time on Aug. 14.