IT Giant, GMO Reports $5.6 Million Loss In Q3

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Photo Credit: Bitcoinexchangeguide

New data released by Japanese IT giant GMO, clearly shows that the company has lost over 640 million yen (about $5.6 million) in the third quarter of 2018 for its crypto-based mining business.

Facts from the company’s latest financial reports, reveals that the firm’s current spate of losses surpasses its Q2 loss of 360 million yen (about $3.2). So far, the company has attributed its recent loss to worsening environment and skyrocketing depreciation cost.

But despite its losses, the firm is enjoying a slight increase in revenue from mining. Reports suggest that the company’s Q3 revenue came in at 1.23 billion yen ($10.78 million) a little over the 1.17 billion yen ($10.26 million) the company recouped in Q2.

According to the company’s latest monthly reports, the firm reportedly mined 1,590 bitcoins and 25 bitcoin cash in Q3.

Also, the company has provided data regarding mining capability. Reports suggest that the company’s hash rate rallied to 674 petahashes per second (PH/s) in October, which is an amazing improvement when compared to 479 (PH/s) in September. While remaining ambitious, the company states that it aims to achieve 800 PH/S within the year.

Although seeing some losses in Q3, the company’s crypto exchange businesses seem to be doing well as the company nets a profit of 740 million yen (around $6.5 million). And this stats show an increase of 34.4 percent compared to Q2. More so, the company’s revenue came in at 1.36 billion (about 11.92) for Q3

While the company’s crypto segment saw an increase in revenue for the third quarter of 2018, profit declined when compared to the second quarter. And although the net sales are reportedly around 2.6 billion yen (about $22.80), overall profits nosedived to around 104 million yen (about $912,840).

Speaking on the backdrop of recent losses; the company states that its cryptocurrency mining business is been impacted by profits enjoyed by crypto exchange businesses around the world.