Cryptocurrency business "soars": Robinhood Q1 turns losses into profits year-on-year
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Robinhood achieved profitability for the second consecutive quarter, with Q1 revenue reaching $618 million, a 40% year-on-year increase. Net profit reached $157 million, compared to a loss of $511 million in the same period last year. Earnings per share were $0.18, exceeding market expectations of $0.06. Robinhood expressed disappointment as its cryptocurrency business may face regulatory action. Meanwhile, over 1 million customers have joined the waiting list for the 3% cash back credit card. Robinhood's credit card business aims to expand its personal finance business
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