Robinhood misses as crypto slump cuts trading income
Robinhood earned 51 cents a share in the third quarter, below the 56-cent forecast, on $1.42 billion in revenue that matched estimates, CNBC reports. Crypto revenue fell 55% to $120 million, the SEC exhibit shows. Shares dropped about 4% after hours, CNBC said.
Robinhood earned 51 cents a share in the third quarter, below the 56-cent forecast, on $1.42 billion in revenue that matched estimates, CNBC reports. The SEC earnings exhibit shows total net revenue up 12% from a year earlier. Net income was $476 million, or 51 cents per diluted share, down from 61 cents a year ago.
Transaction-based revenue rose 19% to $867 million. Options revenue grew 31% to $399 million and equities rose 41% to $121 million. Cryptocurrency revenue fell 55% to $120 million, the exhibit said. Event contracts surged and helped offset some of the crypto drop, CNBC reported. Average revenue per user was $200, a touch under one Street estimate of $201.09 cited in a separate CNBC after-hours note.
Net deposits were $15.7 billion for the quarter, a 17% annualized growth rate versus second-quarter platform assets, the exhibit said. Over the past year, net deposits totaled $71 billion. Robinhood cut the top end of its 2026 adjusted operating expense outlook by $25 million, to a range of $2.675 billion to $2.75 billion. CNBC said shares fell about 4% after hours as investors weighed the earnings miss against growth in newer lines.
What we know: CNBC and Robinhood's SEC exhibit show a third-quarter EPS miss with flat revenue versus estimates, a sharp crypto revenue drop, and an after-hours share slide.
What we don't: Whether crypto trading will rebound in the fourth quarter. How much of the miss came from other fee lines. Full-year profit guidance beyond the expense trim.
Where outlets agree CNBC and Robinhood's SEC exhibit show a third-quarter EPS miss, flat revenue versus estimates, and a sharp drop in crypto trading income.
Where they differ CNBC leads with the miss and after-hours drop, while the SEC exhibit leads with record revenue, net deposits, and a trimmed expense outlook.