Dunamu First-Quarter Operating Profit Tumbles 78% to $63.7 Million
Uk Jin
Summary
- Dunamu reported first-quarter consolidated operating profit of 88 billion won ($63.7 million), a 78%% plunge from a year earlier.
- The company’s first-quarter net income was 69.5 billion won ($50.3 million), down 78%% from a year earlier.
- First-quarter revenue was 234.6 billion won ($170.0 million), down 55%% from a year earlier, due to a decline in cryptocurrency market trading volumes.
Forecast Trend Report by Period
Dunamu Inc., the operator of Upbit, South Korea’s largest cryptocurrency exchange, reported weaker first-quarter earnings.
A regulatory filing on May 15 showed the company’s consolidated operating profit fell 78% from a year earlier to 88 billion won ($63.7 million). Net income also dropped 78% to 69.5 billion won ($50.3 million).
Revenue for the quarter declined 55% to 234.6 billion won ($170.0 million).
The earnings decline appears to reflect an overall drop in cryptocurrency trading volumes amid a slowdown in the global economy.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
