Hurray Records Q3 2008 Loss of USD 9.2 Mln

Hurray Press Release, 11/21/08

Chinese wireless value-added service (WVAS) provider, artist developer, and music production firm Hurray (Nasdaq: HRAY) has announced its unaudited financial results for Q3 2008, with net revenues reaching USD 13.5 mln, up 6.0% quarter-on-quarter, and down 0.7% year-on-year, but higher than the company's previous guidance of USD 12-13 mln.

Net loss for the quarter came to USD 9.2 mln, compared to a net loss of USD 11.5 mln for the same period in 2007.

Wireless value-added service (WVAS) revenues for the quarter came to USD 11.0 mln, representing an increase of 20.1% QoQ and a decrease of 3.0% YoY. Recorded music revenues were USD 2.5 mln, down 30.2% QoQ but up 11.0% YoY.

The company estimates Q4 2008 revenues will be between USD 14 and USD 15 mln.

To see Hurray's full earnings report, please click here.

Keywords: HRAY Hurray Q3 2008 wireless WVAS fiscal report profit revenue SP VAS

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