Robinhood's Crypto-related Revenue Falls By 24%
Main page News, Cryptocurrency
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Feb. 10, 2023

According to the earnings report released by online broker Robinhood, the company's cryptocurrency-related revenue during the fourth quarter of 2022 fell by 24% to $39 million.

According to the document, the company earned less on cryptocurrency transactions only during the fourth quarter of 2020, when they brought it $12 million. After that, the figure has ranged from $48 million to $233 million.

Meanwhile, total operating revenue during the fourth quarter fell 11% to $186 million, the lowest figure in two years.

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Total revenues rose 5% to $380 million, driven by a 30% increase in net interest income to $167 million.

Net losses amounted to $166 million, compared to $175 million in July-September.

The drop in Robinhood's revenue from cryptocurrency-focused activities is reportedly due to a decrease in the number of orders executed (down 3% from 3Q) and funds in closed transactions (down 22%).

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