Robinhood Markets set a third-quarter revenue record as growth in options and event contracts helped offset a steep drop in crypto revenue, while net income and earnings per share declined.
Revenue for the three months ended Sept. 30 totaled $1.424 billion, 12% above the year-earlier quarter. Net income fell 14% to $476 million, a decline detailed in EconoTimes’ earlier report on the quarterly results. Diluted earnings per share dropped 16% to 51 cents, while adjusted earnings per share slipped 3% to 60 cents.
Transaction-based revenue rose 19% to $867 million. Crypto revenue fell 55% to $120 million, but growth in options and event contracts helped counter the weakness in crypto trading.
Crypto notional trading volume also fell. Across Robinhood and Bitstamp, crypto notional volume declined 38% year over year to $50 billion. Robinhood’s app recorded $21 billion, down 48%, while Bitstamp had $29 billion, down 28%. Those figures measure trading activity; crypto revenue is a separate measure.
Chief Financial Officer Shiv Verma said customers were entrusting more assets to Robinhood as it delivered its product roadmap. He described the quarter as the company’s “highest quarter ever for revenues.”
