- The online Blockchain share price barely moved on H1 results and losses.
- The investment company losses surged to $504k from last year’s $122k.
- However, the firm invested heavily in its popular Narni crypto bridge.
The Online Blockchain PLC (LON: OBC) share price barely moved after releasing its half-year results for the six months that ended December 31, 2021.
Investors muted reaction to the announcements shows that they were expecting much better performance from the company that invests in internet and technology businesses and the blockchain and cryptocurrency industries.
Also read: How Much Energy Does Bitcoin Use?
The report’s highlight was the growing popularity of its Umbria project, which operates the Narni bridge that was initially used to move tokens from the Ethereum to Polygon networks. The bridge has expanded to move tokens between Ethereum and Binance Smart Chain, Ethereum and Avalanche, and Ethereum and Fantom.
Online Blockchain earnings from bridging transactions between the Ethereum and Polygon blockchain have been rising, indicating that its future earnings are likely to be high if the Narni bridge continues to gain popularity among crypto users, traders and investors.
The company’s other investee company, ADVFN Plc, is also performing well after generating £4.2 million in revenues from December 31, 2021. However, OBC’s CEO, Clem Chambers, stepped down as a director at ADVFN.
Online Blockchain generated £24,000 in revenues during the six month period, which was lower than the £56,000 generated in a similar period in 2020, which explains the muted investor reaction.
The company’s operating loss surged to £504,000 compared to the £122,000 loss recorded in a similar period in 2020. The massive losses were triggered by surging administrative expenses as the company expanded its Narni bridge to other networks.
Investors may have been disappointed by the higher losses. Still, OBC is making significant progress in developing its Narni bridge, which will likely generate more profits for the company as its popularity among crypto users grows.
*This is not investment advice. Always do your due diligence before making investment decisions.
Online Blockchain share price.
Online Blockchain shares barely moved after the company released its half-year results.