- Robinhood reported a decline in its crypto revenue for Q2 2023, dropping 18% from $38 million in Q1 to $31 million.
- Despite the decline in crypto revenue, Robinhood achieved profits in Q2 2023, recording a total net revenue of $468 million, up 10% sequentially.
- The company attributed the revenue increase to higher net interest revenues and seasonally higher proxy revenue.
- Interest revenue surged 13% sequentially to $234 million due to growth in interest earnings assets, higher short-term interest rates, and increased securities lending activity.
- Robinhood also saw gains in other categories, with adjusted EBITDA (non-GAAP) rising 31% sequentially to $151 million.
- It marked a significant milestone by achieving GAAP profitability for the first time as a public company.
- Robinhood has increased its expense outlook for the full year 2023 to be between $2.33 billion and $2.410 billion, an improvement of $45 million from its previous outlook.
- Despite the profits, Robinhood’s stock (HOOD) is currently down 5.75% in extended trading, trading at $11.73.
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