Robinhood (HOOD) shares fell as much as 12% after the company's earnings, where a surprise profit was dampened by weaker user numbers 💦and cryp♌to revenue.

The Menlo Park, California-based firm said revenue was sequentially higher by 10% to $486 million, but $234 million was due to higher net interest revenue.

The company reported a disappointing 1 million 澳洲幸运5开奖号码历史查询:monthly active users (MAUs) drop. Cryptocurrency revenue at the firm was 18% lower, ꧃while equities revenue was 7% lower.

澳洲幸运5开奖号码历史查询:Earnings per share (EPS) of $0.03 was up from an $0.57 loss in Q1 2023 and marked the company's first-ever profit.

"In Q2, we reached a significant milestone by achieving GAAP profitability for the first time as a public com🌠pany," said Vlad Tenev, CEO and co-founder. GAAP stands for generally accepted accounting principles, a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board.

Despite reaching profitability, investors will be concerned that the broker has seen a decline in users and product revenue at a time when investment by retail stock investors has been frothy. At the end of May, Reuters reported that retail buyers were snapping up stocks at a pace similar to the 澳洲幸运5开奖号码历史查询:meme stock frenzy of early 2021.

Retail investors bought $1.3 billion of stocks per day in the three months to the end of May 2023, compared to $1.32 billion in the first quarter of 2021. That period saw Robinhood's MAUs jump by 109% to 21 million.

Despite these headwinds, some analysts were still bullish, with Barclays and Citigroup lifting their stock price targets by $1 on Robinhood.

Today's declines did not dent Robinhood shares, up about 42% since the beginning of the year.