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Tag: Color Star Technology Co.

  • Color Star Technology Co. Ltd. (CSCW) stock Falls Under Corrections After Hours

    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.

  • Color Star Technology Co., Ltd. (CSCW) stock rallied in pre-market: Why did it happen?

    Color Star Technology Co., Ltd. (CSCW) stock rallied in pre-market: Why did it happen?

    Shares of Color Star Technology Co., Ltd. (CSCW), a music education service provider and entertainment platform, continued to rise in Wednesday’s pre-market session after recording a gain of 5.45% at the previous closing. CSCW stock price was pushed 59.48 % in today’s pre-market session to reach  $1.85  a share at the time of this writing. There is no particular activity by the Color Star today to explain this rally but it seems that rising Bitcoin price and NFTs speculations are the driving force behind this rise. Let’s see what is happening.

    Tesla accepts Bitcoin as Payment Option

    Recently the Worlds second richest person Elon Musk announced that Tesla will accept Bitcoin as the payment option after which the BTC shares jumped by 5%. The rise in BTC resulted in the gain of many stocks that are somehow associated with cryptocurrency and CSCW is one of them as if we Go back to the previous week, we find the announcement made by the CSCW stock that Color Star made cooperation agreement between Color China Entertainment Co., Ltd, a wholly-owned subsidiary of Color Star, and Doman (HK) Ltd according to which the former will get the blockchain support by the later for Color World APP,  which is an  interactive  entertainment platform of CSCW

    Recent Developments

    On March 11, CSCW has made an agreement between its wholly-owned subsidiary Color China Entertainment and Meadow Films LA Inc. for the production and distribution of large-screen movies.CSCW stock also signed up for the long-term strategic partnership with Guangxi, China-based Yinmiao Culture Development Co., Ltd to work mutually in various areas including, piano competitions, art festivals, offline and online training, sales and production, and many other areas to play a major role in the entertainment industry.

    Conclusion

    Rising Bitcoin prices have driven the CSCW stock price today. Color star has been much in the news for the past couple of weeks due to its recent developments. Color Star management is deeply focused on expanding its business especially in tech fields like Artificial intelligence, augmented reality, and Mixed reality that also points to the designing of NTF based products in the future.