TechFlow news — Robinhood's recent earnings report shows an 18% decline in cryptocurrency trading revenue during the second quarter due to fewer trading users. Revenue related to crypto dropped from $38 million in the previous quarter to $31 million. The supplementary report also noted a 6% decrease in the number of trading users and a 15% reduction in nominal trading volume per trader. Earlier, in its June report, Robinhood stated that May’s cryptocurrency trading volume fell 43% month-over-month from April and declined 68% year-over-year compared to last year.
Robinhood said it remains committed to growing within the crypto industry and plans to launch a non-custodial wallet later this year, allowing customers to take full control of their cryptocurrencies.
In addition, Robinhood's total net revenue rose to $486 million, a 10% increase from the first quarter of this year. The company also noted that with a net profit of $25 million in the second quarter, it achieved "GAAP profitability" as a public company for the first time.
