Robinhood’s Q2 Crypto Trading Revenue Declines by 18%

12:09 am
August 3, 2023

Robinhood Markets Inc reported its financial results for the second quarter, announcing that it swung to a profit. However, the company’s shares saw an 8% decline in after-hours trading. One area of weakness in its performance was its crypto trading revenue, which decreased by 18% compared to the previous quarter. Mizuho analyst Dan Dolev remains optimistic about Robinhood’s future, predicting a potential upside for the stock. Despite losing 1 million users in Q2, the company’s shares have still increased by over 40% year-to-date. Robinhood also ended the quarter with $11.5 million worth of crypto under custody, a figure that remained relatively unchanged from the prior quarter. Overall, the company exceeded analyst expectations with its earnings per share and revenue figures.

Highlights from Robinhood’s Q2 Results

– Robinhood generated $31 million from crypto trading in Q2, marking an 18% decline from the previous quarter.

– Mizuho analyst Dan Dolev sees potential upside in Robinhood’s stock, citing the company’s success in gaining market share from Coinbase and its strong performance in options trading.

– Robinhood saw a 8% decline in its shares during after-hours trading following the release of its Q2 financial results.

– The company ended the quarter with $11.5 million worth of crypto under custody, showing little change from the previous quarter.

– Despite losing 1 million users in Q2, Robinhood’s shares have increased by over 40% year-to-date.

– Robinhood exceeded analyst expectations with earnings of 3 cents per share and $486 million in revenue.

What’s Next for Robinhood?

– Mizuho analyst Dan Dolev believes that the company’s success in the retirement sector could drive further growth and positively impact its stock performance.

FAQs

What was Robinhood’s Q2 financial performance?

Robinhood swung to a profit in its second quarter, with earnings of 3 cents per share and $486 million in revenue. This exceeded analyst expectations.

Did Robinhood’s crypto trading revenue decline in Q2?

Yes, Robinhood reported an 18% decline in its Q2 crypto trading revenue compared to the previous quarter.

What was the impact on Robinhood’s stock?

Robinhood’s shares experienced an 8% decline in after-hours trading following the release of its Q2 financial results.

What is Mizuho analyst Dan Dolev’s outlook for Robinhood?

Dan Dolev remains optimistic about Robinhood’s stock, predicting potential upside and citing the company’s success in gaining market share from Coinbase and its performance in options trading.

How did Robinhood perform in terms of user growth?

Robinhood lost 1 million users in Q2, according to its earnings press release.


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