Tuesday, September 4, 2012 : BINGO.COM BACK IN THE DOLDRUMS
Q2-2012 contributes to a year-on-year decline of 4 percent
The relief of Bingo.com investors, who earlier this year celebrated a 64 percent year-on-year rise in revenues at the famously unsuccessful operator, was short-lived following the recent news that Q2-2012 revenues fell to $347,743, contributing to a 4 percent year-on-year decline so far.
Chief executive officer Jason Williams blamed under-performing casino activity and currency fluctuations as the main culprits in the slide, saying:
“Our strategy with the second quarter was to reduce our marketing costs and focus on player development and retention, which was successful.
"While we achieved our objective of improving our total operating margin, low gross margins in our casino products late in the quarter and a negative impact from currency fluctuations combined to give us a net loss for the quarter."
Williams remains hopeful that the company, which is part-owned by Unibet the Nordic Gaming Group, will manage to post a net profit by year-end, revealing that Q3-2012 trading has started well.