KongZhong (KONG) Doesn't Move Much After Earnings Last Night

KongZhong (Nasdaq: KONG) stock rose 1 percent today. KongZhong third-quarter net income plummeted, hurt in part by higher operating expenses. The wireless services company's earnings fell to $544,000, or 2 cents per American depositary share, from $4.8 million, or 14 cents per ADS, a year earlier. KongZhong's revenue fell 32% to $17.1 million. Analysts had predicted third-quarter earnings of 2 cents a share and revenue of $16.8 million.

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