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

Quarter outcomes are in for cryptocurrency and stock trading app Robinhood, with the business 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 profits over the period, dropping from $54 million in Q1 2022. Crypto deal profits (dark green) for Robinhood Source: RobinhoodIts Q1 2023 profits were also a 16% gain since last quarter.Related: S&P Global tries to examine crypto properties vulnerability to macroeconomics Around $12 billion worth of crypto is currently under the custody of the trading app, a 50% boost over the quarter, though it is down 40% compared to the very same time last year.Robinhoods crypto under custody (light green) saw a quarterly gain and sits at $12 billion, the very same figure from two years ago.