Robinhood's Crypto Trading Revenue Soared 339% in Q3 as Company Tops Street Earnings Estimates

Robinhood reported a remarkable 339% year-over-year increase in its crypto trading revenue for Q3, reaching $268 million. The company processed a staggering $80 billion in crypto trading volume during the quarter, a significant rise from $61 million in the same period last year. Adjusted earnings per share stood at $0.61, exceeding analysts' expectations of $0.53, while total net revenue reached $1.27 billion, also above the projected $1.21 billion. Despite these strong results, shares dipped 2% in after-hours trading but maintain an overall increase of about 260% year-to-date. CFO Jason Warnick emphasized that the quarter was marked by profitable growth and diversification, including new business lines like Prediction Markets and Bitstamp, projecting annualized revenues of approximately $100 million from these additions. The company’s market capitalization now sits at $126 billion, surpassing competitors such as Coinbase, which also reported positive earnings recently.

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