17th of November 2010 Author: Glo Wood
Chance lies in marketing
You'd probably think that operating on a domain called bingo.com should be as successful as possible in the domain. However, the past quarter's reports show some gloomy results for the domain operator.
In the third quarter, Bingo.com Ltd noted a 93 percent drop in year-on-year net revenues to merely $97,509. Namely, in August, the net revenues dropped by 76 percent year-on-year, to $368,932 for its second quarter, and the company stated last week that the its latest results saw a 72 percent quarter-on-quarter decrease in overall earnings.
The third quarter net losses amounted to $245,507 (Q3/2009: $390,432), and net gaming revenues in the same period were at $82,745, which is a 94 percent year-on-year decrease from just over $1.38 million for the same period in 2009 and a drop of 75 percent from the previous trimester where it reported $333,115.
It was stated by the management that cost saving measures have been applied, and that the numbers will go up with the help of marketing drive.
What can be considered positive in the results, the company has finalized the purchase of its bingo.com domain.
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