Comment on Renren CEO Acknowledges His Only Profitable Business, Online Gaming, Is Declining by Financial Social Media Snowball Raises US$40M in Series C Funding Led by Renren - Platum

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2013-11-15 00:00:00

Renren Games, the online gaming business of Chinese social network Renren, began a mass layoff — it is reported it’s about 50% – 60% of some 700 employees — from early this month. He acknowledged the irrational expansion and declining of Renren Games in the past quarters. But he said their eventual goal was still have Renren Games go IPO. Liu Jian, COO of Renren, is overseeing the day-to-day operations of Renren Games. Last month the rumor said that Renren was looking to sell all businesses excluding Renren Games.