Key facts
- Third-quarter revenue was $1.42 billion, missing expectations.
- Earnings per share were $0.51, below the $0.55 projected.
- Event contracts revenue increased to $173 million.
- Crypto trading revenue rose to $120 million but fell 55% year-on-year.
- Net income fell 14% to $476 million.
- Adjusted earnings per share were $0.60.
Robinhood reported third-quarter revenue of $1.42 billion, missing Wall Street expectations of roughly $1.43 billion, and earnings per share of $0.51, below the $0.55 analysts projected. The trading app, used by over 28 million people for stocks and crypto, saw its event contracts revenue rise to $173 million from $156 million in the second quarter. Crypto trading revenue increased to $120 million from $100 million sequentially but decreased 55% from the prior year. The company also announced a deal with Ripple to bring its RLUSD stablecoin to Robinhood Chain and Bitstamp. Robinhood shares slipped in after-hours trading, continuing a year-to-date decline.