BEIJING, May 22, 2009 (Xinhua News Agency) -- China's mobile music provider Hurray! Holding Co., Ltd. (NASDAQ:HRAY) (Hurray!, HRAY.NASDAQ) reported a net loss of 2.1 million US dollars for the first quarter of this year.
The firm's turnover recorded 11.8 million dollars, down 18.5 percent from previous quarter or 11.2 percent year on year, failed to beat its prediction of being in the range of 12 million to 13 million dollars.
Included were 7.9 million dollars from wireless value added service, down 28.6 percent from the first quarter of 2008, and 3.9 million dollars from music albums, up 73.9 percent.
Hurray!'s fully diluted loss per ADS was 0.09 dollar, vs. the 0.42 dollar over the previous quarter and 0.22 dollar during the same period of 2008.
The growth in music business was mainly contributed by the turnover of its subsidiary Seed Music Ltd., which was merged by Hurray! in January. Other music companies held by Hurray! suffered revenue lose as generally the first quarter of every year is a traditional slack season for the company's music business.
Hurray! expects its revenues for the second quarter to be in the range of 13 million to 14 million dollars.
