Robinhood Markets Reports Slowing Revenue Growth Amid Cryptocurrency Downturn

Royal Financial Holdings Inc., also known as Robinhood Markets, reported its first-quarter earnings that showed a slowdown in revenue growth and net income growth from last year.

The company's revenue was $1.06 billion, up 15% from a year ago, but down 17% on a sequential basis. Net income was $346 million, up from $336 million a year ago but down from $605 million in the fourth quarter of last year.

The decline in revenue growth can be attributed to the continued poor performance in the cryptocurrency market. Robinhood makes money from various sources, including commission-free stock trading, options trading, and cryptocurrency trades on the spread.