Cryptocurrency

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<p class="has-drop-cap">After the online broker, Robinhood published its <a href="https://www.globenewswire.com/news-release/2023/05/10/2666052/0/en/Robinhood-Reports-First-Quarter-2023-Results.html#:~:text=(%E2%80%9CRobinhood%E2%80%9D)%20(NASDAQ,11%25%20sequentially%20to%20%24207%20million." target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">earnings report</a> for the first quarter of 2023 on Wednesday, May 10th, its stock rose by around 2%. The company managed to beat analysts’ estimates both in terms of revenue and earnings per share. Robinhood, however, again reported that its cryptocurrency trading volume declined, albeit slightly.</p> 
<h3 id="robinhood-q1-report-beats-analysts-forecast">Robinhood Q1 Report Beats Analysts’ Forecast</h3> 
<p>The shares of the online broker Robinhood rose by as much as 7% in after-hours trading and by more than 2% at the time of writing, on Wednesday, May 10th. The rise comes after the company posted its better-than-expected earnings report for the first quarter of 2023.</p> 
<p>The company managed to beat analyst report both in terms of revenue and earnings per share. It was generally forecast that the broker’s revenue would amount to $425 million and it amounted to $441 million. Similarly, Robinhood’s net loss stood at $511 million—$0.57 per share, instead of the expected 62 cents.</p> 
<p>The broker also received a boon from the FED’s aggressive rate hikes as its net interest revenue rose to $201 million compared to the $55 million in Q1 2022. Around the same time it published its report, Robinhood also <a href="https://twitter.com/RobinhoodApp/status/1656395901550641160" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">introduced its “24 Hour Market”</a> enabling traders to trade some stocks and ETFs at any time of the day.</p> 
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<h3 id="robinhood-s-cryptocurrency-volume-declines-1-from-q4">Robinhood’s Cryptocurrency Volume Declines 1% From Q4</h3> 
<p>In this Wednesday’s earnings report, Robinhood also revealed its cryptocurrency trading volume amounted to $38 million—a one percent decrease <a href="https://tokenist.com/robinhood-up-5-after-execs-cancel-500m-bonus-to-offset-q4-losses/" rel="dofollow" class="deco-link">from the previous quarter</a>. The numbers continue the declining trend from Q4—which featured a 24% decrease—but are also in line with 2023’s digital assets rally and the <a href="https://tokenist.com/robinhood-reports-3-7b-january-crypto-volume-up-95/" class="deco-link">broker’s report for January of this year</a>.</p> 
<p>Despite the slight improvement from the “crypto winter” of 2022, Robinhood’s cryptocurrency operations have been met with several setbacks. In February, it was reported that the company was <a href="https://www.bloomberg.com/news/articles/2023-02-27/robinhood-subpoenaed-by-sec-over-brokerage-s-crypto-business" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">under an SEC probe</a> due to its digital assets business. Its Twitter account was also <a href="https://tokenist.com/breaking-robinhood-twitter-likely-hacked/" rel="dofollow" class="deco-link">briefly hijacked</a> in late January and used to promote a cryptocurrency scam.</p> 
<p>Despite the setbacks, the broker continued improving its digital assets operations and <a href="https://tokenist.com/robinhood-wallet-is-now-open-to-all-ios-users/" rel="dofollow" class="deco-link">opened its wallet to all iOS users</a> on March 1st. Additionally, commenting on the earnings report, Robinhood’s CEO Vlad Tenev assessed the company had a “great start” this year and called the results “a testament to (their) relentless pursuit of innovation”.</p> 
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<p><strong><em>Do you think Robinhood’s cryptocurrency trading volume will start increasing in Q2 2023? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/robinhood-up-2-after-hours-on-better-than-expected-q1-report/">Robinhood Up 2%+ After-Hours on Better-Than-Expected Q1 Report</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Robinhood Up 2%+ After-Hours on Better-Than-Expected Q1 Report

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