{"id":44529,"date":"2023-08-04T14:02:41","date_gmt":"2023-08-04T18:02:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/robinhoods-q2-earnings-show-18-decline-in-crypto-trading-revenue\/"},"modified":"2023-08-04T14:02:44","modified_gmt":"2023-08-04T18:02:44","slug":"robinhoods-q2-earnings-show-18-decline-in-crypto-trading-revenue","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44529","title":{"rendered":"Robinhood’s Q2 Earnings Show 18% Decline in Crypto Trading Revenue"},"content":{"rendered":"
\n

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.\u00a0<\/p>\n

Despite this decline, Robinhood achieved profitability for the first time since going public.<\/p>\n

In Q2, Robinhood’s cryptocurrency trading revenue amounted to $31 million, comprising 16% of the total trading revenue of $193 million across all categories, which experienced a 7% sequential decline.\u00a0<\/p>\n

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.\u00a0<\/p>\n

Over the past year, Robinhood’s income has dropped by 4%, from $202 million in June of the previous year to $193 million.<\/p>\n

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.\u00a0<\/p>\n

In June, Robinhood ceased support for tokens listed in the SEC lawsuits against crypto exchanges Binance and Coinbase, such as Cardano (ADA), Polygon (MATIC), and Solana (SOL).\u00a0<\/p>\n

Currently, the trading platform offers 15 different cryptocurrencies, including popular ones like bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX).<\/p>\n

Despite the challenges in the market, Robinhood reported earnings per share of $0.03 on revenue of $486 million for the second quarter, surpassing analysts expectations, which projected a loss of $0.01 per share on revenue of $473 million.\u00a0<\/p>\n

The company achieved a noteworthy 10% rise in total net revenues, which can be attributed mainly to increased proxy revenue and higher net interest revenues, which have surged seasonally.<\/p>\n

Robinhood Expands Strategically with UK CEO Appointment and Crypto Asset Surge, Achieves 13% Growth in Total Assets Under Custody<\/h2>\n

Robinhood remains undaunted by the decrease in transaction-based revenue and is actively advancing its expansion initiatives.\u00a0<\/p>\n

The company is making strides toward its UK launch, scheduled for the end of this year.\u00a0<\/p>\n

A significant step in this direction is the appointment of Jordan Sinclair, a former Barclays executive who now assumes the role of CEO for Robinhood’s operations in the UK.<\/p>\n

Moreover, Robinhood’s crypto assets under custody increased moderately, from $8.431 billion in December 2022 to $11.503 billion by June 2023.\u00a0<\/p>\n

Notably, the aggregated assets under control experienced a 13% rise to reach $89 billion during the previous quarter. This surge was propelled by augmented equity valuations and sustained net deposits.<\/p>\n

“In Q2, we reached a significant milestone by achieving GAAP profitability for the first time as a public company,” said Vlad Tenev, CEO and co-founder of Robinhood Markets.\u00a0<\/p>\n

“Generally accepted accounting principles (GAAP) refers to the standard accounting principles and guidelines companies use to prepare their financial statements.<\/p>\n

In terms of net deposits, Robinhood recorded a substantial $4.1 billion in the quarter, indicating an annualized growth rate of 21% relative to the assets under custody during the first quarter of 2023.\u00a0<\/p>\n

Over the preceding year, the net deposits aggregated to $16.1 billion, illustrating a growth rate of 25% over twelve months.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 Despite this decline, Robinhood achieved profitability for the first time since going public. In Q2, Robinhood’s cryptocurrency trading revenue amounted to […]<\/p>\n","protected":false},"author":1,"featured_media":44530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-44529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nRobinhood's Q2 Earnings Show 18% Decline in Crypto Trading Revenue | iFintechWorld<\/title>\n<meta name=\"description\" content=\"In its Q2 2023 earnings report, Robinhood (HOOD), the online trading platform known for its crypto-friendly approach, revealed crypto trading revenue of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=44529\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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