Cryptocurrency exchange Huobi announced a profit of $ 30 million.
Cryptocurrency industry continues to recover after last year. Along with this, Huobi announced a profit of $ 30 million. It was stated that layoffs and cost cuts made last year had an impact on this profit.
Huobi Made $30 Million Profit in First 3 Quarter
According to a tweet by Huobi Global de facto owner Justin Sun, the company generated $150 million in revenue and spent $120 million in the first quarter of 2023. This means Huobi has a net profit of $30 million.
Sun stated that many measures were taken during the quarter to reduce costs and increase efficiency. Sun said it expects the company to generate a net profit of $110 million, with revenue of $187 million and expenses of $76 million in the second quarter.
Huobi was among the largest cryptocurrency exchanges by volume until 2021, when it stopped serving Chinese users. However, its market share subsequently fell from 19 percent in 2020 to 2.2 percent in the fourth quarter of 2022. Justin Sun acquired all shares of the stock market through his own company, About Capital, in November 2022.
As a result of restructuring efforts earlier this year, Huobi laid off 20 percent of its employees and cut employment benefits. On March 10, the value of Huobi Token dropped by 90 percent within hours, but has since recovered most of its losses.
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