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In focus
- A Malaysia-based Web3 startup hit its sixth straight year of profitability
- How Singapore-based Geniebook narrowed losses after a tough year
- What’s next for One Championship after a year of financial losses
Hello reader,
It’s NBA trading season, and if you’re a fan, you’re probably hoping for your favorite teams to sign a much needed player (like the Los Angeles Lakers, my favorite team that badly needs a center). But for non-fans, you’re probably seeing headlines about players getting salaries that sometimes go above US$100 million.
It does remind us that at the end of the day, the NBA is a business. Whether it’s the Lakers (I hope they made the right decision with Deandre Ayton) or a blockchain startup in Malaysia, everything goes back to revenue and profits.
In today’s top stories, we go deep into the numbers. There’s Singapore-based edtech firm Geniebook, which had a tumultuous 2023 with layoffs and a pivot – before ultimately narrowing losses.
Then, there’s Malaysia-based Block Solutions, operator of Ethereum blockchain explorer Etherscan, which has quietly hit its sixth consecutive year of profitability in 2024. “Focusing on fundamentals” like a traditional business – as one blockchain investor put it – was a key factor.
Finally, my editor Collin Furtado discusses the recent drama around One Championship in today’s Spotlight. In case you missed it, CEO Chatri Sityodtong recently dropped a Facebook rant around what he calls “malicious” attacks on the company’s latest earnings report.
While these stories may not involve NBA players’ multimillion-dollar salaries, they sure capture the drama of what it takes to build a profitable firm. Let’s dive in.
Elyssa Lopez, journalist
Top Stories
1️⃣ ‘Google’ of Ethereum hits 6-year profit streak, but threats beckon
The Etherscan team at a company event. / Photo credit: Etherscan
The Malaysia-based startup, best known for Ethereum blockchain explorer Etherscan, relies purely on ad revenue. It’s a curious approach amid a media landscape that is struggling to attract ads and as AI redefines online advertising.
But as Ethereum prices drop and user behavior shifts, the company must make changes if it wants to keep the streak alive.
Spotlight
Hear from Malaysian startups that have walked the walk
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