Robinhood’s · third-quarter cryptocurrency buying and selling enterprise was down 55% from final yr however nonetheless topped Road forecasts.
Crypto transaction income dropped to $120 million within the third quarter, in response to the corporate’s earnings report launched Tuesday. That was down from about $267 million in the identical interval final yr, however forward of Wall Road analysts’ expectations of $114.1 million.
That left crypto accounting for simply 8.4% of Robinhood’s $1.42 billion in whole quarterly income, in contrast with roughly 21% a yr earlier.
The decline got here as clients traded much less crypto throughout Robinhood’s platforms. Complete crypto buying and selling quantity fell 38% to $50 billion, together with $21 billion by the Robinhood app, down 48%, and $29 billion by crypto alternate Bitstamp, down 28%.
The hunch in crypto buying and selling income stood in distinction to Robinhood’s broader enterprise. Complete income rose 12% year-over-year to $1.424 billion, helped by progress in choices, equities and prediction markets. Road estimates had been for $1.43 billion.
Choices buying and selling generated $399 million in income, up 31%, whereas equities income climbed 41% to $121 million. Prediction markets introduced in $173 million, greater than six occasions the year-earlier determine.
Third-quarter EPS of $0.51 was lower than consensus forecasts for $0.55.
