{"id":149,"date":"2024-06-16T17:46:09","date_gmt":"2024-06-16T14:46:09","guid":{"rendered":"https:\/\/digits7promocode2024.icu\/2024\/06\/16\/500-com-shifts-focus-to-blockchain-and-digital-currency-after-mixed-2020-results\/"},"modified":"2024-06-20T17:06:01","modified_gmt":"2024-06-20T14:06:01","slug":"500-com-shifts-focus-to-blockchain-and-digital-currency-after-mixed-2020-results","status":"publish","type":"post","link":"https:\/\/digits7promocode2024.icu\/2024\/06\/16\/500-com-shifts-focus-to-blockchain-and-digital-currency-after-mixed-2020-results\/","title":{"rendered":"500.com Shifts Focus to Blockchain and Digital Currency After Mixed 2020 Results"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/xqJQYTE__sA\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>A Chinese digital sports wagering company, 500.com, experienced a slight recovery in the latter part of 2020.  Their final quarter earnings hit 9 million yuan (roughly $1.4 million), representing a 5% growth compared to the previous year. This uptick was a welcome development, as the third quarter of 2020 only yielded 6.1 million yuan in revenue.<\/p>\n<p>Despite this encouraging trend, the firm still declared an operating deficit of 51.4 million yuan for the fourth quarter, although this marked an improvement from the 307.1 million yuan shortfall during the corresponding period in 2019.  The company&#8217;s overall losses also contracted year-on-year, shrinking from 322.7 million yuan to 56.1 million yuan.<\/p>\n<p>Throughout 2020, 500.com posted earnings of 21.8 million yuan. This figure reflected a decline from the 39.7 million yuan generated in 2019.  The company&#8217;s operating deficit for the year amounted to 190.8 million yuan, accompanied by a net loss of 223.2 million yuan.  These financial setbacks were notably smaller than the 651.3 million yuan loss reported in 2019.<\/p>\n<p>In a strategic pivot, 500.com revealed its plan to concentrate on the blockchain and digital currency sectors. This choice stems from an arrangement to bolster their holdings in Loto Interactive Limited, an enterprise engaged in Bitcoin extraction.  500.com intends to acquire supplementary shares of Loto Interactive for HK$105 million (approximately US$13.5 million), which will elevate their ownership stake from 33.7% to 54.2%.  This acquisition will position Loto Interactive as a subsidiary of 500.com.<\/p>\n<p>Further solidifying their dedication to this new trajectory, 500.com has also entered into a contract to procure 5,900 Bitcoin mining rigs for roughly 55.2 million yuan (approximately US$8.5 million). <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Chinese digital sports wagering company, 500.com, experienced a slight recovery in the latter part of 2020. Their final quarter earnings hit 9 million yuan (roughly $1.4 million), representing a 5% growth compared to the previous year. This uptick was a welcome development, as the third quarter of 2020 only yielded 6.1 million yuan in [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>500.com Bounces Back: Q4 Earnings Up 5% | Is This Recovery Sustainable?<\/title>\n<meta name=\"description\" content=\"Chinese digital sports wagering giant 500.com saw a 5% revenue jump in Q4 2020, hitting 9 million yuan. Can this upward trend last? 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