Despite these challenges, Robinhood's total net revenues for Q3 2023 increased by 29% YoY to $467 million, largely due to net interest revenues. However, transaction-based revenues, including those from options, equities, and cryptocurrencies, decreased by 11% YoY to $185 million. The news of Alphabet's divestment follows reports of the company's potential investment in AI startup Character.AI.
Key takeaways:
- Alphabet, Google's parent company, has sold off all of its shares in trading app Robinhood and rideshare service Lyft.
- Robinhood has been struggling with a decrease in monthly active users and a 55% drop in crypto trading revenues in the third quarter of 2023.
- Despite the decrease in crypto trading revenues, Robinhood's total net revenues for the third quarter of 2023 rose by 29% year over year to $467 million, largely due to net interest revenues.
- Alphabet is reportedly in discussions to invest in artificial intelligence startup Character.AI.