Million

Billion

<div class="watcher-guru"> 
 <p>Robin<a rel="noopener noreferrer nofollow" title="HOOD" href="https://thebittimes.com/tag/hood.html">HOOD</a> released its Q2 2023 earnings report a few hours back. The platform reported a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="Trading" href="https://thebittimes.com/tag/trading.html">Trading</a> revenue of $31 million for the second quarter. The figure mentioned above is&nbsp;down 18% from Q1’s $38 million. The latest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> volume accounted for 16% of Robin<a rel="noopener noreferrer nofollow" title="HOOD" href="https://thebittimes.com/tag/hood.html">HOOD</a>’s aggregate <a rel="noopener noreferrer nofollow" title="Trading" href="https://thebittimes.com/tag/trading.html">Trading</a> volume in Q2. </p> 
 <p>The crypto assets under custody did not register any change when compared to the first quarter. Robinhood reported having $11.5 billion in assets under management at the end of Q2. Nevertheless, the number rose fairly from December 2022’s $8.431 billion.</p> 
 <p>During the earnings call, Vlad Tenev, the&nbsp;company’s Co-Founder and Chief Executive Officer said that users get “more <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>” for their dollar than most other competitors. He mentioned that the company’s goal is to be the safest and most trusted place for customers to hold, trade, and transact <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>. Tenev added,</p> 
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 <p><strong>“With all of the turmoil in the space over the past year or so, I think there has been a little bit of a flight to safety, and we’re seeing that reflected in some of the market share gains you’re seeing. And that’s something that we’d like to continue to invest in.”</strong></p> 
 <p><strong>Also Read: Binance ‘Inaccessible’ in China Despite $90 Billion Business Claims</strong></p> 
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 <h3 class="wp-block-heading" id="h-robinhood-achieves-gaap-profitability">Robinhood Achieves GAAP Profitability</h3> 
 <p>Overall, the company’s Earnings Per Share [EPS] stood at $0.03 on the back of the $486 million net revenue. This number managed to beat analysts’ estimation of a loss of $0.01 per share, based on $473 million as net revenue.</p> 
 <p>In Q2, the firm also achieved GAAP profitability for the “first time as a public company,” given that the net income rose to $25 million. Jason Warnick, Chief Financial Officer of Robinhood Markets said,</p> 
 <p><strong>“Reaching GAAP profitability is a testament to the work our team has done to transform the business and better position Robinhood to drive shareholder value.”</strong></p> 
 <p><a rel="noopener noreferrer nofollow" title="HOOD" href="https://thebittimes.com/tag/hood.html">HOOD</a> shares did not react positively to the earnings report catalyst. It depreciated by 3.3% on Wednesday, applying brakes to its uptrend initiated in mid-May. Robin<a rel="noopener noreferrer nofollow" title="HOOD" href="https://thebittimes.com/tag/hood.html">HOOD</a> shares were last seen exchanging hands at $12.44.</p> 
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  <img decoding="async" width="1024" height="496" src="https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp" alt="" class="wp-image-104978" srcset="https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 1024w, https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 300w, https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 768w, https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 380w, https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 550w, https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 800w, https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 1160w, https://cdn.thebittimes.com/images/2023/08/03/bb8ecb2540a1a13c945291daa4790dfb.webp 1177w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Robinhood Shares by TradingView 
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 <p><strong>Also Read: FTX Confirms Plan to Relaunch Exchange</strong></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>crypto</li> 
  <li>HOOD</li> 
  <li>Robinhood</li> 
  <li>Trading</li> 
 </ul> 
</div>

Robinhood's Crypto Earnings Decreased $9 Million in Q2 2023

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