HTX Generates $98 Million Profit in Q3 2023, Says Justin Sun
Justin Sun, the Chinese blockchain personality and owner of crypto exchange HTX (formerly Huobi Global), has announced that the firm recorded a profit of $98 million in the third quarter of 2023. According to Sun’s Twitter thread on October 26, HTX generated $202 million in revenues during the quarter, offset by $104 million in expenses. For Q4 2023, Sun predicts that HTX will generate $190 million in revenue and incur $88 million in expenditure, resulting in an estimated profit of $104 million.
Industry Challenges and Positive Outlook
Sun acknowledged that the entire third quarter was challenging for the industry due to high interest rates set by the U.S. Federal Reserve, leading to a decline in revenues across the board. However, he highlighted that HTX still maintained its revenue growth rate. Sun expressed optimism about the fourth quarter and believed that the crypto market would experience a spring recovery in Q4 this year and Q1 next year. He stated that HTX had confidence in the improvement of overall financial indicators.
HTX’s Staff Reductions and Past Struggles
Despite the positive outlook, HTX has faced operational difficulties. At the Token2049 event in Singapore last month, Edward Chen, managing director of HTX Ventures, revealed that the exchange reduced its staff count from 2,500 earlier this year to 900. In January, there was an employee revolt after salaries were cut and bonuses removed due to falling revenues.
Hot Take: Crypto Market Spring Recovery Expected by HTX Owner
Justin Sun, owner of HTX and prominent figure in the blockchain industry, announced that HTX generated a significant profit of $98 million in Q3 2023. Despite the industry-wide decline in revenues during the third quarter, Sun expressed confidence in a spring recovery for the crypto market in Q4 this year and Q1 next year. HTX’s positive financial performance and Sun’s optimistic outlook suggest that the worst may be over for the crypto bull market. However, challenges remain for HTX, including staff reductions and past struggles with falling revenues.
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