FriendFinder Networks Inc. (NASDAQ: FFN) shares are seeing huge activity in trading today. At last check, FFN shares were trading 7.60% lower at $1.58 on above average volume of 11.58 million. Despite the losses in trading today, FFN shares have risen 21.88% in the last three trading sessions.
FFN is among several social networking companies that have been in focus today after Facebook (NASDAQ: FB), the social networking giant, completed its IPO on Thursday and commenced trading today.
FriendFinder, which provides social networking and Web-based video sharing, this week, also released its first-quarter financial results. FFN reported revenue of $81.1 million for the first quarter. The company’s gross profit for the quarter was $48.5 million. Income from operations for the quarter was $7.8 million. Net loss for the quarter was $13.4 million, or $0.43 per share.
Marc Bell, CEO of FriendFinder, said that based on the initial results of several key initiatives FFN has undertaken to improve its performance, he remains optimistic about the company’s long-term prospects. Bell said that FFN’s current efforts are focused on building brand equity, subscriber retention and acquiring new subscribers to FriendFinder Networks.
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