Dunamu's Operating Profit Plummets 53% in Q2 Due to Market Downturn
CryptoNewsTerminal Staff14 Aug, 2024
Dunamu's Operating Profit Plummets 53% in Q2 Due to Market Downturn
Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, has reported a significant decline in its operating profit for the second quarter of 2023. According to a report by ChosunBiz, the company recorded consolidated revenue of KRW 2,570 billion and an operating profit of KRW 159 billion in Q2, marking a 52% and 53% decrease compared to the previous quarter, respectively. The sharp drop in profitability is primarily attributed to the downturn in the cryptocurrency market. Unlike the first quarter, when the approval of spot ETFs led to a surge in trading activity, the second quarter witnessed a decline in overall trading volume and performance. Consequently, Dunamu's net income for Q2 also fell to KRW 1,311 billion. Despite the challenging market conditions, Dunamu remains optimistic about the long-term prospects of the cryptocurrency industry. The company plans to invest heavily in new technologies and expand its global presence to capture future growth opportunities.
