Robinhood announced that its second-quarter earnings report fell from $38 million to $31 million.
Robinhood has released its second quarter report, which ended on June 30. The company, whose crypto revenue was $38 million in the previous quarter, announced this quarter as $31 million. This decrease, due to the fact that customers perform fewer transactions, corresponds to 18 percent proportionally.
Demand for Robinhood is dwindling
According to the California-based company, revenue related to crypto activities fell from $38 million in the previous quarter to $31 million. Furthermore, the report shows that the number of customers trading crypto has dropped by 6 percent, with a 15 percent reduction on the volume side.
Emphasizing that they are planning a non-custodial wallet during the year, Robinhood stated that they will continue to develop in the sector and said;
“Despite the challenging environment for the entire crypto ecosystem, Robinhood has continued to thrive in this space.
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