ROBINHOOD'S CRYPTO TRADING SURGES, AS OVERALL GROWTH SLOWS
Techlife News|Techlife News #512
After helping a new generation of investors get into stocks, Robinhood is increasingly doing the same for cryptocurrencies.

More than $4 of every $10 that Robinhood Markets Inc. made in revenue during the spring came just from customers trading dogecoin, bitcoin and other cryptocurrencies.

Robinhood also said that it lost $501.7 million, or $2.16 per share, compared with a profit of $57.6 million, or 9 cents per share, in last year’s second quarter. Most of the loss was due to accounting changes related to a fundraising round it undertook early this year.

The loss was no surprise after the company had earlier given preliminary estimated results for the quarter. The company’s slowdown in revenue growth was also expected — it more than halved to 131% from 309% in the first three months of the year — and the company again said revenue will likely drop in the summer from the spring.

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