Robinhood’s Q1 crypto income drops 30% from the earlier 12 months

First quarter outcomes are in for cryptocurrency and inventory buying and selling app Robinhood, with the corporate reporting a 30% year-on-year income drop for its crypto buying and selling enterprise.

Launched Could 10, Robinhood’s Q1 2023 earnings revealed $38 million in crypto buying and selling revenues over the interval, dropping from $54 million in Q1 2022.

Robinhood’s whole internet revenues, nonetheless, elevated year-on-year with Q1 2023 bringing in $441 million in comparison with 2022’s first quarter internet revenues of $299 million — a rise of round 47.5%.

Its Q1 2023 revenues had been additionally a 16% acquire since final quarter.

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Round $12 billion price of crypto is at the moment beneath the custody of the buying and selling app, a 50% enhance over the quarter, although it’s down 40% in comparison with the identical time final 12 months.

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This can be a growing story, and additional info might be added because it turns into accessible.