Robinhood's revenue from cryptocurrency transactions shrank by 18% to $31 million in Q2.
its second quarter results, achieving profitability for the first time since becoming a public company, despite a drop in revenue in the second quarter of 2023.
In spite of the decline in revenue, the company recorded a net income of $25 million, or earnings per share of $0.03, compared with a net loss of $511 million, or EPS of -$0.57, in the first quarter of the year. The result is attributable to improvements in total operating expenses over the past months, with a midpoint decrease of $45 million.Earnings Before Interest, Taxes, Depreciation, and Amortization increased 31% sequentially to $151 million, with its margin gaining 5 points to 31%.
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