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First-quarter results for cryptocurrency and stock trading app Robinhood have been released, with the company reporting a 30% year-on-year drop in revenue from its cryptocurrency trading business.
Released on May 10, Robinhood’s earnings for the first quarter of 2023 showed $38 million in cryptocurrency trading revenue for the period, up from $54 million in the first quarter of 2022.
However, Robinhood’s total net revenue increased year-over-year, reaching $441 million in Q1 2023, compared to Q1 2022 net revenue of $299 million – an increase of approximately 47.5%.
Its revenue in the first quarter of 2023 also grew by 16% compared to the previous quarter.
Related: S&P Global Tries to Assess the Susceptibility of Crypto Assets to Macroeconomics
Approximately $12 billion worth of cryptocurrencies are currently held in the trading app, up 50% on a quarterly basis, though down 40% from the same time last year.
This is an evolving story and more information will be added as it becomes available.