Chinese wireless value-added service firm Hurray Holding Company Ltd. announced its unaudited financial results for the third quarter ended September 30, 2009.
Total revenues were USD6.9 million, representing a decrease of 2.9 million quarter-over-quarter and a decrease of 6.6 million year-over-year. Wireless value-added services revenues were only USD4.5 million, representing a decrease of 1.0 million quarter-over-quarter and a decrease of 6.5 million year-over-year. Recorded music revenues were USD2.4 million, representing a decrease of 1.9 million quarter-over-quarter and a decrease of 0.1 million year-over-year. Net loss attributable to Hurray Holding was a pitiful USD5.1 million.
Commenting on the poor third quarter results, Haibin Qu, Acting CEO of Hurray stated: "This quarter was challenging for Hurray!. However, we view this quarter as a turning point for a new Hurray! and going forward, we will remain focused on developing ways to better enrich our contents and enhance our distribution channels, as well as to integrate these business initiatives with our existing business lines. We believe these efforts are essential for the restoration of our growth and to further development of Hurray! into an integrated digital media distribution platform."
As of September 30, 2009, the company had USD47.9 million in cash and cash equivalents, and short term time deposit of USD10.0 million.