- Justin Sun’s Tron Group has posted a profit of $85 million for the second quarter of 2023.
- The group saw a growth of 183% in its quarter-on-quarter (QoQ) profit thanks to cost-cutting measures.
- Sun projected revenue of $200 million for Q3, with a quarterly profit of $100 million.
- Meanwhile, Huobi Global recorded a significant loss in Q2 and is expected to break even in the third quarter.
Justin Sun’s Tron Group has recorded a profit of $85 million in the third quarter of 2023. The group saw a quarter-on-quarter profit growth of 183% after enforcing cost-cutting measures. Sun, who took to Twitter earlier today to share Tron’s performance with the community, expects the group’s revenue to reach $200 million in the third quarter.
Justin Sun Expects Huobi To Breakeven In Q3 ‘2023
According to Justin Sun, Tron Group’s second-quarter revenue came in at $193 million. With an expenditure of $108 million, the group was left with a quarterly profit of $85 million, as compared to $30 million in the first quarter of 2023. The revenue did not include investment gains and losses of the firm.
Some of the Q2 metrics were lower than Sun had projected at the end of the first quarter. While the revenue exceeded the projected $187 million, the group failed to limit its expenditure to $76 million, which prevented it from reaching the projected profit of $111 million.
Sun told his followers that the firm’s efforts to increase revenue and reduce costs were visible in the earnings. As for the third quarter revenue, the Tron founder shared a conservative forecast of $200 million. He added that he expected a 7.4% reduction in expenditure, bringing the Q3 projection to $100 million.
Huobi Exchange, which was reportedly acquired by Justin Sun’s group last year, suffered a significant loss in the second quarter. The crypto entrepreneur expects the exchange business to break even in the next quarter and turn slightly profitable by Q4 ‘2023.