Hold onto your crypto hats, folks, because Robinhood's been making some waves! This year, they rocked the crypto boat with a whopping $61 million in revenue, marking a jaw-dropping 165% leap from last year. Okay, so it's not quite as high as the $81 million they raked in during Q2, but hey, who's counting when you're making millions?
In the third quarter of 2024, Robinhood saw its cryptocurrency trading volume skyrocket by 112% year-over-year, climbing to a cool $14.4 billion. A far cry from the earlier part of the year when trading volumes were flexing at $36 billion in Q1 and then chilling at $21.5 billion in Q2.
Despite this little rollercoaster ride in trading activity, Robinhood's still got its groove on with an impressive 72% boost in transaction-based revenue, totaling $319 million. Of that, crypto trading strutted its stuff with $61 million. Sure, it’s a bit down from last quarter, but still a testament to the crypto craze!
Overall, Robinhood's third-quarter report card reads a net income of $150 million and total revenue of $637 million. Not too shabby, though it did miss the analysts’ high hopes. The earnings per share hit $0.17, just a smidge under the expected $0.18, and total revenue was 3.6% shy of the $661.2 million target.
But wait, there’s more! Robinhood's not just dabbling in crypto; their options trading revenue soared to $202 million, a 63% year-on-year boost, while equities trading brought in $37 million, up 37%. Their Assets Under Custody (AUC) also beefed up, growing 76% to $152.2 billion, thanks to loyal user deposits and rising stock and crypto values.
CEO and co-founder Vlad Tenev is beaming with pride, claiming these results show just how well their “product engine is humming.” They’re not stopping there, either! With the launch of Robinhood Legend, a snazzy new desktop platform, and plans to roll out index options, futures, and a profit and loss tool, the future looks bright.
CFO Jason Warnick chimed in, highlighting the quarter’s robust performance with a 36% rise in year-over-year revenue, giving their bottom line a solid boost.
Since diving into the crypto pool in February 2018, Robinhood has been expanding its crypto offerings like there's no tomorrow. From starting with Bitcoin and Ethereum to now dealing in Litecoin, Uniswap, Avalanche, Chainlink, and a whole bunch of other tokens, they’re on a mission to keep the crypto community buzzing!
