Upbit’s parent company Dunamu sees profit drop 76% in Q3

Hull Invest

Dunamu, the parent company of South Korea’s largest cryptocurrency exchange Upbit, reports revenue of $205 million and profit of $124 million in the third quarter, down 66% and 76% year-on-year, respectively. doing.

In the third quarter of 2022, the company posted sales of approximately $204 million, operating income of $125.5 million and net income of $120 million.

Additionally, revenue and profit in the second quarter fell 24% and 39%, respectively, according to Local. media coverage.

According to Dunamu, the ongoing decline in global liquidity and shrinking capital markets are contributing to the current scenario. Additionally, his Upbit performances in recent months have played a role.

Worth noting, in the first half of 2022, Dunamu had sales of $586 million, 61.3 percent compared to the same period last year. During this period, the exchange’s net profit fell by 88.2% to $129 million.

Additionally, the company reported a net profit of $155.1 million in the first quarter, but posted a loss of $25.5 million in the second quarter. Dunamu expects operating profit for the first quarter of 2022 to be $232.75 milliondown 46.9% year-on-year.

The majority of Dunamu’s revenue comes from fees charged for trading cryptocurrencies. Its performance skyrocketed last year when the cryptocurrency market peaked and retail demand increased.

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