Robinhood Marks Resilient Performance in Q1 2024 with $157 Million Profit and 232% Crypto Revenue Surge
Thursday, 9 May 2024, 03:40
Robinhood's Q1 Earnings Report Highlights:
Robinhood posted a profit of $157 million, a stark turnaround from a net loss last year.
Notably, crypto revenue surged by 232%, and transaction-based revenues increased by 59%.
The company witnessed significant growth in assets under custody and reached all-time highs in both net deposits and Gold subscribers.
SEC Scrutiny and Regulatory Challenges:
- Increased scrutiny from the SEC for potential violations in crypto practices.
- Robinhood CEO, Vlad Tenev, expressing frustration over the SEC's actions and affirming a commitment to defend the business.
- Broader regulatory tightening across the crypto sector under SEC Chairman Gary Gensler.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.