“Wireless music distribution company Hurray! Holding Co. Ltd. said today that first-quarter profit took an 83.5% dive due to continued weakness in its WAP business, slowdown in its software business, and increased costs and operating expenses.” However, revenue increased by 11.4% year-on-year, US$16.6 million compared to US$15 million in Q1 2005. The increase in costs came about after buying three companies: Freeland Music, Huayi Brothers Music, and Shanghai Magma.
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