Robinhood's Q1 earnings are in, and the app isn't making the money it did last year from crypto trading.
First quarter results are in for cryptocurrency and stock trading app Robinhood, with the company reporting a 30% year-on-year revenue drop for its crypto trading business.revealed $38 million in crypto trading revenues over the period, dropping from $54 million in Q1 2022.
Robinhood's total net revenues, however, increased year-on-year with Q1 2023 bringing in $441 million compared to 2022's first quarter net revenues of $299 million — an increase of around 47.5%.Its Q1 2023 revenues were also a 16% gain since last quarter.Around $12 billion worth of crypto is currently under the custody of the trading app, a 50% increase over the quarter, though it is down 40% compared to the same time last year.
Robinhood's crypto under custody saw a quarterly gain and sits at $12 billion, the same figure from two years ago. Source:
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