Robinhood CEO says firm is diversifying away from volatile crypto revenue even as Q1 earnings beat expectations
As the crypto market recovers from a historic rout, Robinhood, the online brokerage that offers digital assets, stocks and other investments, is planning to lean into its other offerings, despite becoming increasingly reliant on crypto trading volume in recent years.
“It’s going to go up and down in terms of trading volumes,” Robinhood CEO Vlad Tenev said in an earnings call with shareholders on Wednesday, acknowledging crypto’s trademark volatility. “We’re diversifying the business outside of the crypto business, which will make us less reliant on crypto transaction volumes.”
Robinhood reported $927 million in Q1 revenue on Wednesday, a slight pullback from the end of last year when revenue surged to a record $1…
