Strong Revenue Generation Despite Challenging Market Conditions
HTX, 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. According to Sun’s recent post on X (formerly Twitter), HTX generated $202 million in revenues during the quarter. Despite the challenging market conditions, including the impact of high interest rates from the United States Federal Reserve, HTX managed to maintain its revenue growth rate. Sun expressed optimism about the fourth quarter, projecting $190 million in revenue and $88 million in expenses for an estimated profit of $104 million. He believes that the crypto bear market is reaching its end and expects a market recovery in Q4 2023 and Q1 2024.
“The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative.” – Justin Sun
