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Robinhood's Crypto Revenue Down 30% Year-Over-Year in Q1

Online trading platform Robinhood (HOOD) reported cryptocurrency trading revenue of $38 million for Q1 2023, a decline of around 30% compared to $54 million for the year-earlier period, according to the company's earnings results. On a quarterly basis, however, crypto revenue declined just 1%.

The $38 million crypto trading revenue figure in Q1 compares to the $441 million in trading revenue across all of HOOD's businesses, a rise of 47.5% year-over-year.

The company also reported holding around $11.5 billion worth of crypto in assets under, up 36% from the fourth quarter, reflecting the rebound in the cryptocurrency market in early part of 2023.

HOOD shares are higher by 6.7% in Thursday morning trading.

Read More: Galaxy Digital Posts $134M First-Quarter Profit on Strong Showing for Crypto Market