Robinhood’s crypto revenue visibly declined in 2023
Robinhood Q2 results showed a profit for the first time since going public, but crypto revenue decline d in the same quarter. Robinhood’s revenue from cryptocurrency transactions fell 18% to $31 million, according to a quarterly report released on Aug. 2. It also reported having $11.5 million in crypto asset investments, the same amount as at the end of the quarter. The company also saw a decline in new transaction-based funding, with options falling 5% to $127 million and equities falling 7% to $25 million. Over the past year, company revenue fell by 4%, from $202 million in June 2022 to $193 million in June 2023. Despite the revenue decline , Robinhood earned $25 million or 3 cents per share on revenue of $486 million. This exceeded the expectations of most analysts covering the company, expecting a loss of 1 cent per share on revenue of $473 million. You might also like: Robinhood retail crypto market share versus Coinbase rising Earnings before interest, tax, d...