Robinhood’s cryptocurrency platform generated $31 million in revenue in the second quarter of this year, down 18% from $38 million in the first quarter
.
Robinhood reported net income of $25 million in the second quarter, according to the report. Other platform revenues, including gains from options and equity transactions, also declined.
That said, the stock did record an increase in the quarter, with earnings per share (EPS) reaching $0.03. In the first quarter, that figure was minus $0.57.
In June, Robinhood announced that cryptocurrency trading volumes on its platform fell 43% in May compared to April this year.
Recently, amid SEC lawsuits against cryptocurrency exchanges Binance and Coinbase, Robinhood announced its intention to delist three cryptocurrencies on its platform simultaneously. The company has discontinued support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) effective June 27, 2023.
Eleanor Ashworth is editor-in-chief at BTCNews. A Cambridge-trained journalist with 18 years across the Financial Times, Reuters and the Telegraph, she joined the crypto beat in 2017 after covering the Bank of England and HM Treasury. She holds the SABEW Best in Business award (2022) and was shortlisted for the British Journalism Awards (2023). At BTCNews she sets the editorial line for Bitcoin and macro markets coverage, with a focus on institutional adoption, regulation and central-bank policy. Based in London.
