Justin Sun affirms that the third quarter of 2023, the cryptocurrency exchange HTX, formerly known as Huobi Global, has reported a remarkable net profit of $98 million.
On October 26, during his discussion, Sun elaborated on HTX’s financial performance. He revealed that the company had garnered an impressive $202 million in revenues for that particular quarter. However, these substantial earnings were counterbalanced by expenses totaling $104 million. This led to a net profit of $98 million.
Now, shifting our gaze to the fourth quarter of 2023, Sun holds expectations that HTX will continue its prosperous journey. The anticipated revenue for this period is $190 million, while the projected expenses stand at $88 million. This optimistic outlook foresees an estimated profit of $104 million.
Sun made a notable statement, saying, “The third quarter posed considerable challenges for the entire industry.” He attributed the industry-wide decline in revenue to the United States Federal Reserve’s adoption of higher interest rates. Nevertheless, he pointed out, “Despite these challenges, we have successfully maintained our revenue growth rate.”
Furthermore, he highlighted that the overall market showed signs of recovery in the fourth quarter. As a result, he emphasized that their outlook for the upcoming quarter remains cautiously optimistic.
Justin Sun: Optimistic Crypto Outlook Amid HTX’s Operational Challenges
Sun holds a sanguine perspective on the crypto bear market, asserting, “In the fourth quarter of this year and the first quarter of the next, the cryptocurrency market will experience a renaissance. We possess unwavering confidence in the consistent enhancement of comprehensive financial metrics.”
However, not every aspect of HTX’s operations has been trouble-free. At the Token2049 event in Singapore last month, Edward Chen, the Managing Director of HTX Ventures, revealed some concerning developments.
However, During a panel discussion, it came to light that the exchange had reduced its workforce significantly, going from a staff count of 2,500 earlier in the year to a mere 900 employees.
In addition, in January, the exchange faced an employee revolt when many staff members witnessed reductions in their remuneration and the withholding of bonuses due to declining revenue.