Justin Sun admitted that over the past year, the crypto exchange has spent a lot of money on marketing promotion, advertising and employee salaries. The company’s inflated expenses were optimized in February of this year. The Huobi exchange has been profitable since its release in 2013, with the exception of the previous four quarters.
In a report on a group of companies, including Tron, Sun reported a net profit of $85 million on revenue of $193 million for the second quarter of this year. A quarter earlier, the group’s profit was three times less and amounted to $30 million.
Recall that last fall, the media reported on the potential merger of the Huobi exchange with Poloniex, which Justin Sun and a group of investors bought in 2019. In that situation, the founder of Huobi did not confirm the rumors and at the same time did not deny the option of such a scenario in the near future.