Robinhood's crypto revenue fell 55% from last year, but topped Street forecasts

Robinhood's cryptocurrency revenue dropped 55% in the third quarter, but still exceeded market expectations. The company reported $120 million in crypto transaction revenue, down from $267 million in the same period last year. However, crypto now accounts for only 8.4% of Robinhood's total quarterly revenue, which fell to $1.424 billion from $1.43 billion a year earlier.

The overall decline came as customers used Robinhood's platforms less for crypto trading, with total crypto trading volume falling 38% to $50 billion. Despite this, Robinhood's broader business grew, with total revenue up 12% year-over-year. Options trading revenue increased 31% to $399 million, while equities revenue rose 41% to $121 million.

Prediction markets revenue more than doubled, reaching $173 million. Robinhood also continued to expand its digital asset business, with its blockchain network, Robinhood Chain, processing over $80 billion in decentralized exchange trading volume and generating more than $50 million in chain fees.