Hong Kong-listed beauty app Meitu said on Friday it is expecting a net loss of up to 349.9 million yuan (US$52 million) in the first half of 2022, driven by tumbling cryptocurrency prices.
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- Meitu said it could see a 154% year-on-year jump in net loss over the first half of 2022.
- Meitu’s estimates are unrealized losses as the firm has not sold its cryptocurrencies since accumulating 31,000 ETH and 940.89 BTC from March 2021, the firm said.
- Meitu said crypto losses will not affect its cash flow or operations and that it still believes digital assets will appreciate in the long term.
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