Robinhood, the popular cryptocurrency and stock trading app, has reported a 30% drop in revenue for its crypto trading business during the first quarter of the year.
According to the Q1 2023 earnings report released on May 10, Robinhood generated $38 million in crypto trading revenues, down from $54 million in the same period of 2022. However, Robinhood’s overall net revenues showed a year-on-year increase, with Q1 2023 bringing in $441 million compared to $299 million in Q1 2022, representing a growth of approximately 47.5%.
The Q1 2023 revenues also demonstrated a 16% increase compared to the previous quarter. It’s worth noting that Robinhood currently holds approximately $12 billion worth of cryptocurrencies under its custody, marking a 50% increase over the quarter. However, this figure represents a 40% decrease compared to the same period last year.