Justin Sun, the Chinese crypto maker and owner of HTX (Huobi Global), has revealed that the exchange made a profit of $98 million in the third quarter of 2023.
On his X (Twitter) page, Sun wrote that the HTX cryptocurrency exchange generated $202 million in revenue during the period under review, while expenses totaled $104 million. In addition, fourth quarter revenue is expected to reach $190 million, expenses are expected to reach $88 million, and profit is expected to reach $104 million.
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Justin Sun noted that the entire third quarter is tough for the industry due to the Federal Reserve's high interest rates, but the exchange is maintaining its revenue growth rate.
Sun also believes that the industry's recovery in the fourth quarter will allow the company to exceed its projected financials.
It is worth noting that despite Justin Sun's optimism, things are not going well for HTX. The exchange has laid off about 1,600 employees since the beginning of the year, reducing its workforce from 2,500 to 900. In addition, most employees have taken pay cuts due to declining revenues, which has sparked a number of protests within the company.
Read also: U.S. congressmen push for investigation of Binance and Tether.
