{"id":20572,"date":"2023-08-02T21:49:05","date_gmt":"2023-08-02T21:49:05","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/robinhood-turns-profitable-in-q2-but-crypto-revenue-declines\/"},"modified":"2023-08-02T21:49:07","modified_gmt":"2023-08-02T21:49:07","slug":"robinhood-turns-profitable-in-q2-but-crypto-revenue-declines","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/robinhood-turns-profitable-in-q2-but-crypto-revenue-declines\/","title":{"rendered":"Robinhood turns profitable in Q2, but crypto revenue declines"},"content":{"rendered":"
Robinhood released its second quarter results, achieving profitability for the first time since becoming a public company, despite a drop in revenue in the second quarter of 2023.\u00a0<\/p>\n
According to its quarterly report released on Aug. 2, Robinhood’s revenue from cryptocurrency transactions shrank by 18% to $31 million. Other transaction-based revenues dropped as well, including Options, which decreased 5% to $127 million, and Equities, which declined 7% to $25 million. Over the past year, its revenue has decreased 4% from $202 million in June last year to $193 million.<\/p>\n
In spite of the decline in revenue, the company recorded a net income of $25 million, or earnings per share (EPS) of $0.03, compared with a net loss of $511 million, or EPS of -$0.57, in the first quarter of the year. The result is attributable to improvements in total operating expenses over the past months, with a midpoint decrease of $45 million. <\/p>\n