Robinhood (HOOD) on Wednesday reported a 339% year-over-year enhance in third-quarter crypto buying and selling income, extending momentum from earlier this yr because the buying and selling app leans deeper into digital property and international markets.
The corporate dealt with $80 billion in crypto buying and selling quantity in the course of the quarter, posting $268 million in crypto-related income, up from $61 million in the identical quarter final yr. Adjusted earnings per share (EPS) got here in at $0.61 in opposition to Road estimates for $0.53; whole web income reached $1.27 billion versus forecasts for $1.21 billion.
Shares had been down 2% in after hours buying and selling, however stay greater by about 260% year-to-date.
“Q3 was one other robust quarter of worthwhile development, and we continued to diversify our enterprise, including two extra enterprise traces — Prediction Markets and Bitstamp — which can be producing roughly $100 million or extra in annualized revenues,” stated CFO Jason Warnick. “And This fall is off to a robust begin in October, with file month-to-month buying and selling volumes throughout equities, choices, prediction markets, and futures, and new highs for margin balances.”
The corporate now has a market capitalization of $126 billion, placing it above rivals like Coinbase (COIN), which reported robust earnings final week.
The robust outcomes comply with a string of strikes to deepen Robinhood’s crypto footprint. Earlier this yr, the agency acquired Bitstamp, increasing its regulatory presence and person base in additional than 50 nations.
