Robinhood's cryptocurrency revenue falls 18% in second quarter

Cryptocurrency brokerage platform Robinhood's revenue from cryptocurrency transactions fell 18% in the second quarter of 2023

Robinhood brokerage platform Robinhood's total revenue fell 4% over the past year, from $202 million to $193 million

Brokerage platform Robinhood reported cryptocurrency revenue of $31 million for the second quarter of 2023, a figure down 18% from $38 million in the first quarter.

Net income for the period totaled $25 million and earnings per share (EPS) reached $0.03, compared to a net loss of $511 million and EPS minus $0.57 in the first quarter of 2023.

Other platform revenues also declined in the second quarter of this year. For example, options revenue fell 5% to $127 million, while equity revenue fell 7% to $25 million.

Over the past year, Robinhood's total revenue fell 4%, from $202 million in June 2022 to $193 million in June of this year.

In June, it was reported that Robinhood would delist three cryptocurrencies due to the U.S. Securities and Exchange Commission's (SEC) lawsuits against crypto exchanges Binance and Coinbase. The brokerage platform said it would drop support for Solana, Cardano, and Polygon digital coins.

On June 9, the company announced that it will stop supporting the Cardano (ADA), Polygon (MATIC), and Solana (SOL) cryptocurrencies as of June 27. It was noted that customers will be able to buy, sell and store these coins until the specified period expires, then the remaining user funds in these cryptocurrencies will be sold at market value and the proceeds will be credited to the customer's Robinhood account.