Dunamu's Q2 Net Profit Falls to 38.9 Billion Won, Down 60%
Dunamu's net profit for the second quarter of 2023 was 38.9 billion won, a 60.0% decrease compared to the same period last year. This decline is attributed to a slowdown in virtual asset trading, which impacted the revenue and operating profit of Upbit's operator. Dunamu announced on the 14th that its Q2 net profit decreased from 97.6 billion won last year. Operating revenue fell to 173.5 billion won, down 39.2%, while operating profit dropped to 23.5 billion won, a decrease of 84.6%. The decline in operating profit was greater than the drop in revenue, indicating that profits from the exchange's core operations are decreasing more rapidly. A Dunamu representative explained that the contraction of liquidity in the global virtual asset market and a decline in investor sentiment contributed to the performance drop. A similar trend was observed in the first quarter, where consolidated operating revenue was 234.6 billion won, operating profit was 88.0 billion won, and net profit was 69.5 billion won, representing decreases of 54.6%, 77.8%, and 78.3%, respectively. The performance of domestic virtual asset exchanges is significantly influenced by trading volume and commission income, and when trading decreases, both revenue and profits come under pressure. This performance announcement was made separately from discussions regarding stablecoin infrastructure collaboration with Samsung SDS.
-- Price
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