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Hurray! loss widens in 2010 Q1

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thumb_down1 June 3, 2010 (Chinavestor) Shares of Hurray! Holdings (NASDAQ:HRAY), a former wireless value-added services (WVAS) provider, fell 5.6% on Wednesday following 2010 first quarter report - while trading is suspended on Thursday. The Company reported revenues of $6.824 million for the first three quarters of 2010, representing a decrease of 42% YoY. Net loss widened to $10.4 million from $4.6 million in December and $2.1 million a year ago.

 

One of the largest problem is that the core business of the company is in trouble. Revenues from wireless value-added services (WVAS) fell 77.9% from last year or 24.4% from last quarter. The acquisition of Ku6, an advertising revenue generating company, was unable to make up for the loss on its core business.

Cash at hand were $52.6 million, enough to sustain operations for another half a year. Under this circumstances Shanda's (NASDAQ:SNDA) cash injection of $36.9 million in exchange for 415 million newly issued shares gives the company a lifeline till the end of the year. But if that gives the comp[any enough lifeline to turn around their business is an open question.



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