First quarter results are in for cryptocurrency and stock trading app Robinhood, with the company reporting a 30% year-on-year revenue drop for its crypto trading business.
Released May 10, Robinhood’s Q1 2023 earnings revealed $38 million in crypto trading revenues over the period, dropping from $54 million in Q1 2022.
Robinhood’s total net revenues, however, increased year-on-year with Q1 2023 bringing in $441 million compared to 2022’s first quarter net revenues of $299 million — an increase of around 47.5%.
