Tuesday, 18 June 2024
CryptoCrypto Exchange

The crypto revenue for Robinhood decreased by $9 million

Crypto trading revenue for Robinhood’s Q2 2023 financial report was $31 million, an 18% decrease from Q1’s $38 million. 16% of the total trading volume on Robinhood was made up of the most recent Bitcoin transactions.

At the end of the second quarter, the platform’s assets under custody were $11.5 billion, up slightly from the $8.431 billion in December 2022.

Robinhood’s Q2 2023

Vlad Tenev, co-founder and CEO of the business, stated on the earnings call that customers receive “more crypto” per dollar than the majority of rivals. He stated that the organization wanted to be the most dependable and secure location for customers to store, trade, and conduct cryptocurrency-related business.

Overall, the company generated $486 million in net revenue, which resulted in an EPS of $0.03 per share. This result was better than experts’ predicted loss of $0.01 per share, based on net revenue of $473 million.

  • Robinhood’s Q2 2023 revenue drops 18%, 16% Bitcoin transactions.
  • Company’s $486 million net revenue yielded $0.03 EPS, better than analysts’ predicted loss.
  • HOOD shares decline by 3.3% after earnings release, ending upswing.

The company‘s GAAP profitability was also reached in Q2 for the “first time as a public company,” as the net income increased to $25 million.

Robinhood Markets’ Chief Financial Officer, Jason Warnick, said: Reaching GAAP profitability is a sign of the hard effort our team has put in to restructure the company and better position Robinhood to create shareholder value, according to the company.

The catalyst of the earnings release did not cause HOOD shares to rise. On Wednesday, it decreased by 3.3%, putting an end to the upswing that had started in mid-May. Shares of Robinhood were last seen being traded at $12.44.

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