Robinhood’s Q1 crypto revenue drops 30% from the previous year

Quarter results are in for cryptocurrency and stock trading app Robinhood, with the business reporting a 30% year-on-year income drop for its crypto trading business.Released May 10, Robinhoods Q1 2023 incomes exposed $38 million in crypto trading earnings over the period, down from $54 million in Q1 2022. Robinhoods total revenue, however, increased year-on-year, with Q1 2023 bringing in $441 million, compared to 2022s first quarter net revenue of $299 million– an increase of around 47.5%. Related: S&P Global attempts to assess crypto assets susceptibility to macroeconomics”The firm likewise said it “continues to pursue purchasing most or all” of the 55 million shares from Emergent Fidelity Technologies– the overseas investment vehicle utilized by FTX founder Sam Bankman-Fried to acquire a nearly 8% stake in Robinhood.

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Quarter results are in for cryptocurrency and stock trading app Robinhood, with the company reporting a 30% year-on-year earnings drop for its crypto trading business.Released May 10, Robinhoods Q1 2023 earnings revealed $38 million in crypto trading incomes over the period, down from $54 million in Q1 2022. Robinhoods total revenue, nevertheless, increased year-on-year, with Q1 2023 bringing in $441 million, compared to 2022s very first quarter net revenue of $299 million– a boost of around 47.5%. Related: S&P Global attempts to assess crypto possessions vulnerability to macroeconomics”The company also stated it “continues to pursue purchasing most or all” of the 55 million shares from Emergent Fidelity Technologies– the overseas financial investment automobile utilized by FTX creator Sam Bankman-Fried to buy an almost 8% stake in Robinhood.