On February 14, Color Star Technology Co. Ltd. (CSCW) announced the upcoming launch of its metaverse Color World’s localized Asian version this month. This news caused the stock to soar in the following regular session on Tuesday, gaining a huge 93.11%. But this huge gain as expected was followed by the stock’s downfall in the after-hours due to corrections.
During the regular trading, CSCW stock added $0.4282 at its closing price of $0.8881. Following the gain, the stock succumbed to corrections in the after-hours to lose 29.40%. Hence, CSCW stock was trading at a price of $0.6270 per share at an after-hours volume of 3.93 million. Thus, the stock went under corrections in the after-hours to shed its gains from the previous session due to Monday’s news.
More about CSCW
The entertainment and education company, Color Star Technology Co. Ltd. was founded in 2002. Presently, the company has a market capitalization of $67.16 million with 146.04 million shares outstanding.
So far fiscal 2022 has proven very fruitful for the stock as it depicts a picture in green. CSCW stock has increased by 83.42% in the past five days alone while it added 88.32% last month. Currently, the stock stands at a year-to-date gain of 76.74% while it lost 33.23% last year.
The Asian Version of Color World
Since the release of Color World on the iOS store, it has been downloaded by over one million users. The current version of the metaverse is only available in English, thus, restricting its full potential.
On Monday, the company announced that it will be launching a localized Asian version of Color World this month. The Asian version will include simplified and traditional Chinese, Japanese and Korean. Moreover, the content will mainly showcase Asian celebrities, music, and Asian folk instrument masterclasses. It will also include occasional virtual celebrity meet-ups and concerts with Asian celebrities.
CSCW’s Financial Overview
On November 02, the company reported its financial results for fiscal 2021, which ended on June 30, 2021.
In fiscal 2021, the company reported revenue of $6.8 million, a 100% increase YOY against $0 in the prior fiscal year.
Furthermore, CSCW had a gross profit of $2.6 million in fiscal 2021, again a 100% increase YOY over the previous year.
Fiscal 2021 was the first time in the past three years that the company reported significant revenue and gross profit growth.
