Justin Sun, a prominent figure in the Chinese blockchain industry and the person effectively in charge of the crypto exchange HTX (formerly called Huobi Global), recently announced that the company achieved a profit of $98 million in the third quarter of 2023.
In a X.com( previopsly Twitter) thread of October 26, Sun reveals that HTX gathered a total of $202 million in earnings during tht quartera. However, after accounting for different expenses amounting to $104 million, it made the company’s net profit to $98 million.
For Q4 2023, Sun predicts that HTX will bring in $190 million in revenue, at an expenses of $88 million, estimatingt a profit of $104 million.
In the near future, Sun is optimistic that the worst part of the cryptocurrency bull market’s decline is almost over. He believes that in the last quarter of this year and the first quarter of the next year, the crypto market will start to recover and improve. He expresses strong confidence in the overall financial performance getting better.
However, despite Sun’s positive outlook, there have been some challenges for HTX’s operations. At the Token2049 event in Singapore last month, Edward Chen, who is the managing director of HTX Ventures, mentioned in a discussion that the exchange has significantly reduced its workforce. The workforce reduced from 2,500 employees at the beginning of the year to now having 900.