<ul> 
 <li>The company’s EBITDA grew by 31% progressively to $151 million.</li> 
 <li>Robinhood is getting ready for expansion in the UK.</li> 
</ul> 
Despite a decline in revenue, <a href="https://thenewscrypto.com/exchange-news-robinhood-recruits-key-executive-to-prepare-for-uk-expansion/" target="_blank" rel="noopener noreferrer nofollow">Robinhood</a> announced profitable results for the second quarter of 2023, marking the first time the firm has turned a profit since becoming public. 
The trading platform had an 18% decline in quarterly revenue from crypto transactions to $31 million, as reported in its financial report on August 2. From $202 million in June of last year to $193 million this year, its revenue has dropped by 4%. 
<h3 class="wp-block-heading" id="h-managed-to-turn-profit">Managed to Turn Profit</h3> 
Despite a drop in revenue, the firm nevertheless managed to turn a profit of $25 million, or $0.03 per share, in the second quarter of this year. Total operational expenditures have improved over the previous several months, decreasing by about $45 million on average. 
The company’s <a href="https://www.investopedia.com/terms/e/ebitda.asp#:~:text=Earnings%20before%20interest%2C%20taxes%2C%20depreciation%2C%20and%20amortization%20(EBITDA,amortization%20expenses%20to%20net%20income." target="_blank" rel="noopener noreferrer nofollow">EBITDA</a> grew by 31% progressively to $151 million, with the margin increasing by 5 percentage points to 31%. Last quarter, the total assets in custody rose by 13% to $89 billion on the back of “higher equity valuations and continued net deposits.” 
With a net deposit of $4.1 billion, Robinhood had an annualized growth rate of 21% compared to the first quarter of 2023 for assets under custody. Net deposits were $16.1 billion in the last 12 months, up 25% year over year. 
In anticipation of the upcoming second-quarter earnings releases for <a href="http://coinbase.com/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> (COIN) and Robinhood (HOOD), Ark Invest CEO Cathie Wood <a href="https://thenewscrypto.com/exchange-news-cathie-wood-offloads-millions-worth-coinbase-and-robinhood-shares/" target="_blank" rel="noopener noreferrer nofollow">allegedly dumped</a> millions of dollars worth of shares in both companies. 
On the other hand, Robinhood is getting ready for expansion in the UK. Because of this, a top executive from the British fintech company Freetrade has been recruited by the US stock trading app. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/exchange-news-asic-files-lawsuit-against-etoro-over-cfd-offerings/" target="_blank" rel="noopener noreferrer nofollow">ASIC Files Lawsuit Against eToro Over CFD Offerings</a>

Robinhood Q2 Report: Crypto Revenue Declines by 18%

Table of Contents

TheNewsCrypto

Other articles published on Aug 3, 2023

Litecoin (LTC) Ranks Next to Bitcoin (BTC) With 34% Increase in Transactions

Canaan Bitcoin Mining Manufacturer Hit With Allegations Of Violating US Securities Law

Shido Limit Protocol is Officially Launching 17th August on 6 Blockchains!

US DoJ reportedly considering fraud charges against Binance to minimize impact

Binance Marks Remarkable Achievement of 150 Million User Sign-ups

Australian Regulator ASIC Initiates Lawsuit Against eToro’s CFD Product

Join our free newsletter for daily crypto updates!