Robinhood firm once again saw a downfall in the revenue in its crypto business, while scoring a net 16% profit over the last quarter.
Robinhood is a crypto & stock trade platform. In America, this exchange is popular as a Coinbase rival. Initially, Robinhood was providing fast stock trade services but later shifted business to the crypto sector. From late 2020 to early 2021, Robinhood saw the majority of its earnings from the Dogecoin trade. Over the last couple of years, this firm allocated huge investments in the crypto business expansion.
Recently Robinhood published its Q1 2023 earning report & confirmed that the firm saw a net 11% increase in its transaction revenue over the last quarter.
The firm generated only $38 million from the crypto business, while $169 million from the non-crypto business. In total profit is $207 million, from only transactions.
In Q1 2022 Robinhood generated nearly $54 million, so Robinhood saw a 30% downfall in revenue this year’s first quarter.
Jason Warnick, Chief Financial Officer of Robinhood Markets, appreciated Robinhood’s team efforts and said that Robinhood succeeded to generate a net profit in the last four quarters continuously and also in the same time frame the company delivered new products and features to fulfil the needs of customers.
Robinhood’s rapid crypto listing
In the initial days of the crypto business, Robinhood was providing trade support for only flagship crypto assets like Bitcoin, Ethereum, Dogecoin, and Ripple (now delisted as a part of the XRP lawsuit).
In 2022 & 2021, Robinhood increased its speed to welcome huge numbers of crypto assets on the platform.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.