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Robinhood reports drop in crypto revenue in latest earnings report

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Robinhood’s transaction-based revenue derived from cryptocurrencies dropped 18 percent due in part to fewer customers placing trades.

Revenue related to crypto activities fell to $31 million, down from $38 million in the previous quarter, according to the California-based company. A supplementalshow that the number of customers placing trades fell 6%, while notional volumes per trader declined 15%.

“Despite the challenging environment for the whole crypto ecosystem, Robinhood has continued to build in this space,” the firm said on Wednesday.43 percent in May compared to April.Robinhood net income The firm also said it “achieved GAAP profitability for the first time” as a public company given that net income rose to $25 million in the second quarter.

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