Huobi reports $150 million revenue for Q1 2023

In the first quarter of 2023, Huobi’s revenue stood at $150 million against expenses of $120 million. This was disclosed by Justin Sun, founder of Tron.

The first quarter has ended, disclosing the group’s financial status to the public to enhance transparency. The Q1 market was in a bear market, Huobi’s main exchange business is in the process of integration. The group revenue was $150 million, expenses $120 million, recording a profit of $30 million. In Q1, a large number of cost-cutting and efficiency-improvement measures were taken; a conservative forecast for Q2 revenue is $187 million, expenses $76 million, and quarterly profit of $111 million.

— Sun Yuchen?????? (@sunyuchentron) April 10, 2023

Net profit stood at $30 million. Sun forecast that in April–June this figure would rise to $110 million.

\”In the first quarter, a large number of measures were taken to cut costs and improve efficiency,\” wrote the founder of Tron.

In the autumn of 2022, the platform agreed the sale of a controlling stake in the Hong Kong-based investment company About Capital Management and announced a rebranding, as a result of which it dropped the official name Huobi Global.

According to media reports, the ultimate beneficial owner of the purchase was Sun. The entrepreneur denied these reports, explaining that he had become a member of the exchange’s advisory board. Additionally, he admitted that he is a major holder of HT tokens.

Earlier on April 1, Sun denied reports of selling a stake in Huobi, calling it an ‘\u2014April Fool’s prank’.

Subsequently, media outlets reported that Binance had proposed to participate in the deal, but the exchange declined. Sun said in response that he had not initiated such initiatives.