Justin Sun’s HTX Reports $98 Million Profit in Q3 2023, Forecasts Strong Performance for Q4
HTX, the crypto exchange formerly known as Huobi Global and owned by Chinese blockchain personality Justin Sun, has announced a profit of $98 million for the third quarter of 2023.
In a recent post on X (formerly Twitter), Sun claimed that HTX generated $202 million in revenues during the quarter, with expenses totaling $104 million.
Despite the challenging market conditions in the third quarter, including the impact of the United States Federal Reserve’s high interest rates, HTX managed to maintain its revenue growth rate, the crypto veteran said.
Sun also expressed optimism about the fourth quarter, citing a market recovery and projecting $190 million in revenue and $88 million in expenses for an estimated profit of $104 million.
Sun believes that the crypto bear market is nearing its end, anticipating a spring recovery in the market in Q4 2023 and Q1 2024.
He expressed confidence in the overall improvement of financial indicators during this period.
“The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative.”
三季度结束了，三季度实际收入为2.02亿美元，支出为1.04亿美元，盈利为9800万美元，环比增长14%，集团增收降本措施持续见效。四季度预测收入为1.9亿美元，支出8800万美元，盈利为1.04亿美元。 https://t.co/8cBsL4v7vn
— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 26, 2023
However, HTX has faced operational challenges in recent months.
During the Token2049 event in Singapore, Edward Chen, managing director of HTX Ventures, revealed that the exchange had reduced its staff count from 2,500 earlier in the year to 900 in response to falling revenues.
In January, HTX faced an employee revolt when salaries were cut and bonuses removed due to financial difficulties.
Furthermore, HTX experienced a security breach in late September
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