Mainland online social-networking giant Renren aims to boost investments and target acquisitions after it swung to a profit in the quarter to the end of June. The Beijing-based company yesterday posted a modest second-quarter net profit of US$800,000, compared with a net loss of US$25.5 million a year earlier, as advertising sales grew on the back of an increase in its user base. Revenue in the quarter rose 53.2 per cent to US$30.4 million. The number of users on Renren, which was the first major social-networking site operator to go public, reached 124.2 million as of June, up from 96.8 million at the same time last year. Online advertising revenue jumped 93.8 per cent year on year to US$16.9 million in the second quarter, led by sales in the fast-moving consumer goods, apparel, daily care, automotive, and IT categories. Revenue from so-called internet value-added services, which include online gaming, advanced 21.5 per cent year on year to US$13.5 million. New York-listed Renren projected its third-quarter revenue to range from US$33.5 million to US$35.5 million, representing 54 per cent to 63 per cent year-on-year growth. 'We will continue to invest heavily in research and development, particularly in our mobile platform, to anticipate accelerated pace of changes in the internet industry in China,' chairman and chief executive Joseph Chen said yesterday. Research and development expenses last quarter climbed 32.2 per cent year on year to US$7.7 million. In a conference call with analysts yesterday, Chen said management was 'open-minded about acquisition opportunities out there'. Chen added: 'We expect to become one of the consolidators in this market.' Market research firm Analysys International said Renren had a market-leading 25.1 per cent share of the mainland's social-networking services field in the first quarter.