Following a steady fall from grace, Renren’s CEO Joseph Chen announced yesterday that the Chinese social networking platform would transform into a social finance company, following the release of their first quarter results.

The shift is less than surprising, as the troubled “Facebook of China” has been struggling to find new momentum recently through their myriad of operations, including gaming, video streaming and group-buying. The college-focused social networking site has been unable to lift its profile or revenue despite a string of re-direct strategies.

According to the most recent earnings report, Renren’s total net revenue slumped 41.1% YOY to US$13.7 million, while net loss attributable to the company was US$27.6 million as compared with a net income of US$32.3 million in the same period in 2014.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.