- Robinhood, for the first time since going public in July 2021, has reported a profitable quarter with a net income of $25 million through higher interest-earning assets and securities lending activity.
- It raised its interest rate earning on uninvested cash to 4.65% and bought fintech firm X1 Inc., making significant steps towards diversification.
- Although the firm recorded a profit, it witnessed a decrease in transaction-based revenues and loss in monthly active users, leading to a fall in its stock.
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