Robinhood’s Q1 crypto revenue drops 30% from the previous year

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%.

<em>Crypto transaction revenues (dark green) for Robinhood&nbsp; Source: <a href="https://s28.q4cdn.com/948876185/files/doc_financials/2023/q1/Q1-2023-Earnings-Presentation.pdf" target="_blank" rel="noopener nofollow">Robinhood</a></em>

Its Q1 2023 revenues were also a 16% gain since last quarter.

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Around $12 billion worth of crypto is currently under the custody of the trading app, a 50% increase over the quarter, though it is down 40% compared to the same time last year.

<em>Robinhood&#8217;s crypto under custody (light green) saw a quarterly gain and sits at $12 billion, the same figure from two years ago. Source: <a href="https://s28.q4cdn.com/948876185/files/doc_financials/2023/q1/Q1-2023-Earnings-Presentation.pdf" target="_blank" rel="noopener nofollow">Robinhood</a></em>

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This is a developing story, and further information will be added as it becomes available.

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