Fun

News Feed - 2023-08-03 06:08:42

Ana Paula Pereira2 hours agoRobinhood turns profitable in Q2, but crypto revenue declinesRobinhood achieved profitability for the first time since becoming a public company in the second quarter of 2023. Its crypto revenue, however, continues to decline.1030 Total views33 Total sharesListen to article 0:00NewsJoin us on social networksRobinhood released 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. 


According to its quarterly report released on Aug. 2, Robinhood’s revenue from cryptocurrency transactions shrank by 18% to $31 million. Other transaction-based revenues dropped as well, including options, which decreased 5% to $127 million, and equities, which declined 7% to $25 million. Over the past year, its revenue has decreased by 4% from $202 million in June last year to $193 million.


In spite of the decline in revenue, the company recorded a net income of $25 million, or earnings per share (EPS) 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 few months, with a midpoint decrease of $45 million.Robinhood"s Q2 2023 results. Source: Robinhood


Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 31% sequentially to $151 million, with its margin gaining five points to 31%. EBITDA is often used by analysts, investors and financial professionals to compare the operational performance of companies in the same industry.


The total assets under custody increased 13% to $89 billion last quarter, driven by “higher equity valuations and continued net deposits." Taking the first half of 2023 into account, Robinhood slightly increased its crypto assets under custody from $8.431 billion in December 2022 to $11.503 billion in June 2023.


“In Q2, we reached a significant milestone by achieving GAAP profitability for the first time as a public company,” said Vlad Tenev, CEO and co-founder of Robinhood Markets.“ Generally accepted accounting principles (GAAP) refers to the standard accounting principles and guidelines that companies use to prepare their financial statements.


Robinhood’s net deposit was $4.1 billion in the quarter, which translates to an annualized growth rate of 21% relative to assets under custody in the first quarter of 2023. Over the past 12 months, net deposits were $16.1 billion, indicating a growth rate of 25% over a year.


Magazine: How smart people invest in dumb memecoins — 3-point plan for success# Cryptocurrencies# Business# Investments# United States# RobinhoodAdd reactionAdd reactionRelated NewsWhat is profit and loss (PnL) and how to calculate itAI can be a ‘creative amplifier’ — Grammy chief exec Harvey Mason Jr.Exploring the future of AI: The power of decentralizationNasdaq halts launch of cryptocurrency custody serviceXRP court ruling marks milestone, but new crypto law could take yearsDebt is GOOD for Bitcoin?? Shocking insights revealed

News Feed

Tristan Greene5 hours agoIBM brings ‘utility-scale’ quantum computing to Japan as China and Europe struggle to competeExperts predict the global quantum computing sector will have grown from about $930 million in 202
Tether launches recovery tool to migrate USDT between blockchains
Helen Partz32 minutes agoTether launches recovery tool to migrate USDT between blockchainsTether will allow users to move their USDT between blockchains if any of the operated blockchains become unresponsive.445 Total vi
JPMorgan Boss Jamie Dimon: ‘If You Borrow Money to Buy Bitcoin, You’re a Fool’
JPMorgan Boss Jamie Dimon: "If You Borrow Money to Buy Bitcoin, You’re a Fool" Jamie Dimon, the CEO of one of the biggest financial institutions of the world, JPMorgan, has once
Flow NFTs Are Coming to OpenSea
Flow NFTs Are Coming to OpenSea press release PRESS RELEASE. February 23, 2021 – OpenSea, the largest marketplace for blockchain-enabled non-fungible tokens
Market Analyst Says ‘Whole Crypto Sphere Is in a Bear Market’ as Prices Continue to Slide Lower
Market Analyst Says "Whole Crypto Sphere Is in a Bear Market" as Prices Continue to Slide Lower The crypto-economy has been sliding in value this week and during the last 24 hours,
First AMM Layer2 DEX ZKSwap Announces Testnet Incentive Program with 1 Million ZKS Tokens Rewards
First AMM Layer2 DEX ZKSwap Announces Testnet Incentive Program with 1 Million ZKS Tokens Rewards PRESS RELEASE. ZKSwap developed by L2Lab is the first layer2 de
Should Anthem Go Free-To-Play to Salvage EA-BioWare PR Nightmare?
Seemingly like clockwork, Anthem is back in the news for all the wrong reasons. This time, BioWare"s head of live service, Chad Robertson, has authored an update on the future of the struggling iron man suit-donning mult
Ana Paula Pereira2 hours agoCoinbase domain name reportedly used by scammers in high-profile attacksTwitter users have been sharing security incidents surrounding the crypto exchange, including claims that scammers are u
Tanzania Central Bank Heeding Call to Prepare for Crypto, Economists Express Reservations
Tanzania Central Bank Heeding Call to Prepare for Crypto, Economists Express Reservations While the Bank of Tanzania (BOT) executives continue to reiterate the central bank’
Helen Partz10 hours agoBitGo raises $100M after losing lawsuit against GalaxyBitGo’s Series C funding featured entirely new investors based in the United States and Asia, CEO Mike Belshe said.1161 Total views8 Total sh
David Attlee14 hours agoGemini to halt operations in the Netherlands by mid-NovemberThe company cites the inability to meet regulators’ requirements but says it intends to return to the Dutch market.2491 Total views18
Tom Blackstone12 hours agoPolygon spinoff launches testnet bridge to allow for low-cost layer 2sAvail launched a bridge to transmit data availability attestations to Ethereum, potentially allowing for lower fees on some