On Friday KongZhong Corporation (NASDAQ:KONG) shares fell 11% and finished the day $1 above their 52-week low.  Now that KONG has fallen, it sits defeated at $4.59 a share after Q1 profit fell a dreadful 94%.  Is there any hope for this beat up stock? KONG is still a top Chinese wireless entertainment provider, they managed to raise revenue 6.3 percent to $21.4 million, with wireless value-added services revenue rising to $21.1 million from $20 million. That news was brushed off after announcing that for Q1 they earned $88,000, breaking even on a per-share basis. The company earned $1.6 million, or 4 cents per ...