Metaplanet Posts ¥27.157 Billion Net Loss Through Third Quarter on Bitcoin Valuation, Sale Losses
Summary
- Metaplanet said it posted a ¥27.157 billion net loss through the first three quarters as Bitcoin (BTC) valuation and sale losses weighed on results.
- It said it recorded revenue of ¥5.895 billion (up 30.5%) and operating profit of ¥3.476 billion (up 26.5%) over the same period.
- Reflecting losses tied to Bitcoin price swings, the company cut its full-year revenue and operating profit forecasts and said its Bitcoin holdings stood at 44,000 tokens at the end of September.
Forecast Trend Report by Period
Japan-based Bitcoin treasury company Metaplanet swung to a loss in the first nine months of the year as Bitcoin valuation losses and losses from third-quarter Bitcoin sales weighed on earnings.
Metaplanet said in its third-quarter results released on Nov. 13 that it posted a net loss of 27.157 billion yen for the January-September period, compared with net profit of 13.528 billion yen a year earlier.
Revenue for the period rose 30.5% from a year earlier to 5.895 billion yen, while operating profit increased 26.5% to 3.476 billion yen.
The company said the results reflected valuation losses from Bitcoin price swings and losses from Bitcoin sales made during the third quarter.
Metaplanet lowered its full-year revenue forecast to 6.5 billion yen from 16 billion yen and cut its operating profit outlook to 3 billion yen from 11.4 billion yen.
Its Bitcoin holdings totaled 44,000 tokens as of the end of September.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.