Chinese mobile value-added services firm Hurray Holding Company Ltd. announced its unaudited financial results for the second quarter ended June 30, 2009, and reported total revenues were USD9.8 million, representing a decrease of 16.3% quarter-over-quarter and a decrease of 22.9% year-over-year.

Wireless value-added services revenues was only USD5.5 million, representing a decrease of 29.1% quarter-over-quarter and a decrease of 39.3% year-over-year.

During the second quarter of 2009, Hurray states it took action to reduce its marketing efforts through various channels which had failed to generate the expected profitability, resulting in reduced revenues. Total gross margin was 21.3% for the second quarter of 2009 as compared to 16.4% for the previous quarter and 36.4% for the same period of 2008. Gross margin for wireless value-added services was 26.7% for the second quarter of 2009, as compared to 17.5% in the previous quarter, and 29.8% for the same period of 2008. Recorded music gross margin was 14.4% for the second quarter of 2009 as compared to 14.0% in the previous quarter and 53.4% for the same period of 2008.

Total gross profit was USD2.1 million for the second quarter of 2009, representing an increase of 9.2% compared to USD1.9 million for the previous quarter, and a decline of 54.8% as compared to USD4.6 million for the same period of 2008. Net loss attributable to Hurray! Holding was USD10.9 million for the second quarter of 2009.

As of June 30, 2009, the company had USD59.1 million in cash and cash equivalents.

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