Key Points
-
While cryptocurrency is a problem for Robinhood right now, this is still a solid business.
-
Robinhood’s other revenue streams are showing solid growth.
-
The stock is down more than 50% from its all-time high.
The first-quarter earnings report for Robinhood Markets(NASDAQ: HOOD) illustrates how widespread the downturn in cryptocurrency has been this year. The falloff is not only hurting digital currencies and the investors who hold them, but also stifling the returns of some companies, such as Robinhood.
Robinhood, an online broker that offers commission-free stock trading, as well as access to options, cryptocurrency, and prediction markets, posted revenue of $1.07 billion in the first quarter, up 15% from a year ago. But the market…
