Embattled Chinese wireless value-added services company Hurray (HRAY) posted dismal revenues as it reported its unaudited financial results for the second quarter ended June 30, 2007.
Total revenues were a paltry US$14.6 million, a decline of 12.3% quarter-over-quarter and 20.4% year-over-year, and below its previous guidance of US$15.0-16.0 million.
QD Wang, chairman and CEO of Hurray said, "Despite the current volatile market conditions and constantly changing regulatory environment, we got through the quarter in reasonable shape which is very encouraging. Going forward, we will strive to maintain stability in our WVAS operations while in the meantime continuing our efforts to carry out our strategy of developing proprietary content and diversifying distribution channels, our goal is to transform Hurray into a leading entertainment content production and distribution house in China."
Wireless value-added services revenues peaked at US$12.7 million, a decline of 14.7% quarter-over-quarter and 23.1% year-over-year. Net income was only US$0.2 million, a decline of 79.8% quarter-over-quarter and 88.7% year-over-year.
As of June 30, 2007, the company had US$67.0 million in cash and cash equivalents.