Social networking site Renren finally turns the corner

Oak Pacific CEO Joe Chen Yizhou revealed the company's social networking site renren.com has broken even four years after being set up.

Analysts have hailed the move as an achievement for such a relatively new service. The site, which changed its name from xiaonei.com last month in order to attract a wider user base of white collar workers, is next month embarking on a publicity blitz across all media to capitalize on the growing numbers of Internet users.

Without revealing figures, Chen, 40, said the site had been losing money despite having nearly 80 million users and growing at a current rate of "100,000 to 200,000" every day.