500.com’s higher 17Q1 revenue helps to narrow loss

Lottery service provider 500.com Ltd posted a narrower loss in 17Q1, due mainly to an increase in mobile gaming and sports information services revenue.

The group reported a net loss of RMB 62.3 million (US$9.1 million) in the quarter, down from a loss of RMB 90.9 million in 16Q1.

Net revenues, primarily generated from mobile gaming and sports information services, reached RMB 18.4million, up from RMB 2.2 million for the first quarter of 2016.

The group also saw a reduction of operating expenses in the quarter, down 17.3 percent from RMB 100.1 million in 16Q1, to RMB 82.8 million in 17Q1.

Commenting on the recent results, Mr. Zhengming Pan, the CEO of 500.com, noted the ongoing suspension of online lottery sales, which came into place on February 24, 2015, has continued to impact the financial results of the company.