Robinhood's Q2 Earnings Show 18% Decline in Crypto Trading Revenue In its
Q2 2023 earnings report, Robinhood (HOOD), the online trading platform known
for its crypto-friendly approach, revealed crypto trading revenue of $31 million, representing
an 18% decrease from the previous quarter's $38 million.
Despite this decline,
Robinhood achieved profitability for the first time since going public.
In Q2, Robinhood's cryptocurrency trading revenue
amounted to $31 million, c
omprising 16% of the total trading revenue of $193 million across all categories, which experienced
a 7% sequential decline.
According to the company's quarterly report released
on August 2, revenue from cryptocurrency transactions
is not the only section affected; other transaction-based revenues also experienced decreases, with options revenue declining
by 5% to $127 million and equities revenue declining by 7% to $25 million.
Over the past year,
Robinhood's income has dropped by 4%, from $202 million in June of the previous year to $193 million.
The drop in crypto trading comes
amid a turbulent state of the overall crypto market, impacted by various events, including the collapse
of Terra and FTX and ongoing regulatory challenges.
