Robinhood posts record quarter as crypto revenue slides 38%
The online brokerage continued expanding its digital asset business with Robinhood Chain, tokenized stocks and decentralized lending even as cryptocurrency transaction revenue declined.
[Update 08:55 UTC, July 30: Updates with additional reporting and context.]
Online brokerage Robinhood posted record second-quarter revenue and earnings, though cryptocurrency transaction revenue fell 38% from a year earlier.
The company said Wednesday in its earnings report that crypto transaction revenue fell to $100 million from about $160 million a year earlier. Overall revenue rose 32% year-over-year to $1.31 billion, while net income increased 48% to $573 million. Transaction-based revenue climbed 44% to $776 million.