Boston, MA 03/10/2014 (wallstreetpr) – 500. Com Ltd (NYSE:WBAI) which is a leading online sports service provider in China continues to rally among the top industry players having been buoyed by strong fourth quarter results. Having become public in November 22 2013, the company’s stock have already surged by over 240% from the initial opening price of $13 a share.
February 21, 2014 saw the company report its fourth quarter and full year results for the period ending December 31, 2013 that toppled analysts’ expectations, with the pattern expected to continue in the current fiscal year. Most of 500.Com Ltd (NYSE:WBAI)’s revenue is made from service fees that are normally paid by provisional lottery administration centers as the company continues to benefit from the monopoly of the market being, the only company that has gained approval form the government.
500. Com fourth Quarter Financials
500. Com Ltd (NYSE:WBAI)’s net revenue for the fourth quarter came in at $15.9 million which was a surge of 135.5% compared to earnings of the fourth quarter in 2012 and an increase of 38.9% compared to earnings of the third quarter which amounted to RMB69.2 million. The increase in revenue for the fourth quarter was mainly as a result of resumption of the company’s online lottery sales and services for sports.
Operating expenses for the fourth quarter came in at $1.4 million an increase of 80.4% compared to the fourth quarter of 2012, with the increase mainly being as a result of an increase in net revenues. Operating profit for the quarter came in at $5.6 million an increase of 91.5% compared to the same quarter in 2012. 500. Com Net income for the fourth quarter stood at an impressive $14.1 million compared to a net loss of RMB6.2 registered in the fourth quarter of 2012.
The company’s cash and cash equivalent as of December 31, 2013 stood at $90.1 million
500. Com Ltd (NYSE:WBAI) was down on Friday week closing session going down by 3.64% to close the week at low of $49.50
