Revs Up, But Net Loss For HipCricket

Financials Mixed

HIPCRICKET reported a net loss of $4.7 million for the six months ended JUNE 30th, 2008, widening from a loss of $2.4 million a year earlier despite revenues up 121% to $1.89 million from $0.86 million, reports FORBES.

CEO IVAN BRAIKER said the group has done well in the first half of the year despite a difficult economic environment and lower spending in mobile than forecast. He said the board is confident that it is on the right track for building significant shareholder value.

"We have made significant progress in building a footprint of broadcast stations and leading brands. This is resulting in the creation of a strong foundation for the accelerated spending in mobile that is to come," he added.

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