Justin Sun revealed that Huobi has suffered losses in the last four quarters and will head to head in the next quarter.
Justin Sun, advisor to the cryptocurrency exchange Huobi, made evaluations about the financial situation in the company. Sun, in his assessments, said that the company has made a loss for the last 4 quarters.
Justin Sun: Huobi has been at a loss for the last 4 quarters but expect to go head-to-head in the next quarter
Justin Sun revealed that crypto exchange Huobi has not reported profits for the past four quarters and expects to hit the breakeven point in Q3. Sun, his consultant and founder of Tron, stated that Huobi spends too much on marketing, advertisements and payroll, and stated that these expenditures are now reduced and they aim to make a profit in the 4th quarter.
In a statement on Twitter, Sun said that Huobi’s financial performance has improved significantly, and based on forecasts, it will hit breakeven in Q3 and post a slight profit in Q4.
On the other hand, it is stated that Tron and Huobi group performed well in general. Sun posted a profit of $85 million, with $193 million in revenue and $108 million in spending as a group. Sun said Q2 profits were 183 percent higher than the previous quarter, and made a cautious forecast that Q3 revenue would be $200 million, expense would be $100 million, and quarterly profit would be $100 million.
Some time ago, news emerged about the sale of Huobi’s shares, and claims that Sun was also the real buyer of the company. However, Sun denied these allegations, stating that he was only a consultant.
