Justin Sun: Huobi reported losses for the past four quarters
Justin Sun: Huobi reported losses for the past four quarters
BitTorrent CEO, Huobi advisor, and Tron founder Justin Sun said that cryptocurrency exchange Huobi has faced losses for the past four quarters but expects a profit already in the current quarter.
Justin Sun did not comment on the size of the exchange's losses in the third quarter of 2022. He believes that Huobi faced high marketing, advertising, and salary costs during this period.
He also said that the Huobi will make a profit from its operations in the fourth quarter of this year, as it has reduced some of its expenses.
On Twitter, Mr. Sun said that Huobi has significantly improved its financial performance and is expected to break even in the third quarter. It is expected to make a small profit as early as the fourth quarter.
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As a reminder, Huobi had to cut its staff by 20% this year.
Representing Huobi in the media and social networks, Justin Sun reports that things are going well for the exchange and Tron. Huobi reported a combined profit of $85 million, with revenues of $193 million and expenses of $108 million.
According to Mr. Sun, Huobi was founded in 2013, and its operations have always been profitable, except for the last four quarters. "Conservatively, third quarter revenue is expected to be $200 million, expenses are expected to be $100 million, and quarterly profit is expected to be $100 million," he wrote.
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