On August 8, according to an analysis article published by Forbes, Tether announced on its website last week that its "operating" profit in the second quarter exceeded $1 billion, an increase of 30% from the previous three months. Tether reported in the first quarter that its "net profit" was $1.48 billion. Therefore, a 30% increase could bring the "net profit" for the quarter ending June 30 to $1.92 billion. But Tether did not report "net profit" in its latest report. It only reports "operating" profit, which is usually higher than net profit because to obtain net profit, companies must deduct non-operating expenses, including taxes and interest. In this case alone, Tether's greatly improved operating profit is apparently nearly $500 million lower than the net profit in the previous quarter. The media accused Tether of confusing the public, saying that the company did not define operating profit in the announcement, nor did it explain why it no longer reported net profit as in the previous two quarters (the fourth quarter of 2022 said that the net profit was $700 million).
