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 <p class="is-style-lead">Robinhood Q2 results showed a profit for the first time since going public, but <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> <a rel="noopener noreferrer nofollow" title="decline" href="https://thebittimes.com/tag/decline.html">decline</a>d in the same quarter.</p> 
 <p>Robinhood’s revenue from cryptocurrency transactions fell 18% to $31 million, according to a quarterly report released on Aug. 2. It also reported having $11.5 million in crypto asset investments, the same amount as at the end of the quarter.</p> 
 <p>The company also saw a <a rel="noopener noreferrer nofollow" title="decline" href="https://thebittimes.com/tag/decline.html">decline</a> in new transaction-based funding, with options falling 5% to $127 million and equities falling 7% to $25 million.</p> 
 <p>Over the past year, company revenue fell by 4%, from $202 million in June 2022 to $193 million in June 2023.</p> 
 <p>Despite the <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> <a rel="noopener noreferrer nofollow" title="decline" href="https://thebittimes.com/tag/decline.html">decline</a>, Robinhood earned $25 million or 3 cents per share on <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> of $486 million. This exceeded the expectations of most analysts covering the company, expecting a loss of 1 cent per share on <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> of $473 million.</p> 
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 <p>Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 31% sequentially to $151 million, with profit up five basis points, to 31%. EBITDA is a common metric used that looks at a company’s performance relative to others in the same industry.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“In Q2, we reached a milestone by achieving GAAP profit for the first time as a public company.”</p> <cite>Vlad Tenev, CEO and co-founder of Robinhood Markets</cite> 
 </blockquote> 
 <p>GAAP refers to generally accepted accounting principles, which are standardized accounting guidelines that companies use to prepare their financial statements.</p> 
 <p>Robinhood said it remains committed to growth in the industry and plans to introduce a non-custodial wallet later this year, allowing customers more control over their cryptocurrencies.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Robinhood carries out third round of layoffs 
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Robinhood’s crypto revenue visibly declined in 2023

TheBitTimes

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