Robinhood Q3 Earnings Top Analysts' Expectations as Crypto Revenue Surges Over 300%

Robinhood Markets has reported $1.2 billion in revenue for Q3, nearly doubling its earnings from the previous year and surpassing analysts' expectations. The company's earnings per share reached $0.61, marking a 217% increase year-over-year, with profits totaling $556 million. Robinhood's significant growth can be attributed to a surge in crypto transaction revenues, which rose over 300% to $268 million from the previous year. Additionally, the platform is expanding its prediction markets, which is anticipated to contribute further to its revenues. Despite a dip in share price post-announcement, Robinhood's stock has appreciated about 260% year-to-date, outperforming rival exchanges like Coinbase. With ongoing developments in its services and a positive outlook for the future, analysts continue to maintain a 'buy' rating, raising price targets to $161, indicating confidence in a strong performance in the fourth quarter, especially with the NFL season influencing the prediction markets. Overall, Robinhood's latest quarterly results demonstrate its robust positioning within both the traditional and crypto markets, showcasing impressive momentum amidst market volatility.

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