- Robinhood’s cryptoasset transaction revenue was $31 million in the second quarter.
- This is $7 million less than it was in the first three months of the year.
Robinhood’s cryptocurrency revenue decreased 18% in the second quarter of 2023, due in part to a decline in the number of customers making such transactions, the firm said in its financial report.
Robinhood said cryptocurrency revenue fell to $31 million, down from $38 million in the previous quarter. According to a supplementary report, the number of clients making trades fell by 6% and transaction volumes per trader decreased by 15%.
The US-based company also reported a 43% drop in cryptocurrency trading volume in May compared to April. It also noted that trading volume in May was 68% lower than in the same month last year.
Robinhood said total net income for the quarter was $486 million, up 10% from the first quarter of this year.
Profit for the last nine quarters
Reminder, Robinhood announced in late June that it was cutting its workforce by about 7%. The reason for the layoff was a reduction in workload and operational tasks.
The reason for the layoff was a reduction in workload and operational tasks.