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Robinhood Q2 results showed a profit for the first time since going public, but crypto revenue declined in the same quarter. 
Robinhood’s revenue from cryptocurrency transactions fell 18% to $31 million, according to a quarterly report <a href="https://investors.robinhood.com/news/news-details/2023/Robinhood-Reports-Second-Quarter-2023-Results/default.aspx" data-type="URL" data-id="https://investors.robinhood.com/news/news-details/2023/Robinhood-Reports-Second-Quarter-2023-Results/default.aspx" target="_blank" rel="noopener noreferrer nofollow">released</a> on Aug. 2. It also reported having $11.5 million in crypto asset investments, the same amount as at the end of the quarter. 
The company also saw a decline in new transaction-based funding, with options falling 5% to $127 million and equities falling 7% to $25 million. 
Over the past year, company revenue fell by 4%, from $202 million in June 2022 to $193 million in June 2023. 
Despite the revenue decline, Robinhood earned $25 million or 3 cents per share on revenue of $486 million. This exceeded the expectations of most analysts covering the company, expecting a loss of 1 cent per share on revenue of $473 million. 
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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. 
<blockquote class="wp-block-quote"> 
 “In Q2, we reached a milestone by achieving GAAP profit for the first time as a public company.” <cite>Vlad Tenev, CEO and co-founder of Robinhood Markets</cite> 
</blockquote> 
GAAP refers to generally accepted accounting principles, which are standardized accounting guidelines that companies use to prepare their financial statements. 
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. 
 Read more: <a href="https://crypto.news/robinhood-carries-out-third-round-of-layoffs/" rel="noopener noreferrer nofollow"> Robinhood carries out third round of layoffs </a>

Robinhood’s crypto revenue visibly declined in 2023

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