internet giant GMO Internet Group saw its profits drop in Q1 2019 amid market weakness, reported, quoting a new on May 10.
GMO, which in December 2018 from production due to the fall in () prices, saw revenues of 12.9 billion yen ($117.4 million) in Q1, compared to 23.3 billion ($212.1 million) in Q4 2018.
Driving the decrease was continued suboptimal performance of , along with reduced volumes for GMO’s as traders held off buying and selling.
The company has remained committed to the space throughout its recent hardships, which accelerated in November last year after fell to 18-month lows of $3,130.
In February, in line with various other entities in the industry, GMO it would be launching a , in its case pegged to the yen.
As Cointelegraph notes, executives will be looking for conditions on the market to now improve, along with profitability of GMO’s various offerings.
Beginning April 1, saw a renaissance which has continued, the largest this week $6,000 for the first time since its November plunge.
GMO also noted that reduced production costs contributed to the upside of its Q1 performance.
This week also saw annual results for giant Hut 8, executives similarly buoyant on the future despite figures revealing 2018 losses of .
Published at Sat, 11 May 2019 06:57:31 +0000
