Justin Sun’s Group in Q3 2023 made an actual revenue of $202 million, according to Sun, the profit made was $98 million. The Justin Sun group includes TRON, HTX, Poloniex, and TUSD.
Sun said the group maintained an increase in revenue despite the overall decline in the industry. The Q3 report did not fall far from the earlier forecast of “revenue $200 million, expenses $100 million, and profit of $100 million, excluding investment profits and losses.
He highlighted that Q3 was tough for the industry, citing the Federal Reserve’s high interest rates. Additionally, the overall market Q4 has seen a recovery, Sun mentioned.
The Q3 report also recorded an expense of $104 million. Sun acknowledged that “the group’s measures to increase revenue and reduce costs continue to bear fruit.” While expense made was higher than profit, the Q3 profit percentage climbed 14% from the previous quarter.
Looking forward, the expected revenue per Q4 prediction is $190 million. “Expenses are US$88 million, and profit is US$104 million,” Justin Sun disclosed.
“We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative, so the financial performance in the fourth quarter is worth looking forward to and may significantly exceed expectations.”
Justin Sun made further predictions on the entire future of the industry, stating spring recovery is around the corner. “We believe that the harshest winter has passed. Under the background that the Bitcoin ETF is about to pass, in Q4 this year and Q1 next year, the crypto market will usher in spring recovery,” he said.
His confidence is based on the “continued improvement of overall financial indicators.”
In conclusion, the group’s Q3 financial report excludes the investment profits and losses. Justin Sun, however, disclosed that in this quarter, investment-related companies in the group’s ecosystem saw a rise in stock prices. The companies including Luckin Coffee, also brought good returns to the group per the increase in stock prices.
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