Summary
- Robinhood said that its Q3 virtual asset trading revenue jumped more than 300% year-over-year to $268 million.
- Total transaction-based revenue rose 129% to $730 million, which it said was mainly driven by the increase in virtual asset trading revenue.
- Robinhood's total revenue and earnings per share beat market expectations, and it said it added new business lines for business diversification.
Robinhood recorded strong results thanks to a surge in third-quarter virtual asset trading revenue.
On the 6th (local time), The Block reported that Robinhood said in its quarterly report that "transaction-based revenue was $730 million, up 129% year-over-year." The company explained that this growth was "mainly driven by an increase in virtual asset (cryptocurrency) trading revenue."
Third-quarter virtual asset (cryptocurrency) segment revenue was $268 million, up more than 300% year-over-year. Options trading revenue rose 50% to $304 million, and stock trading revenue increased 132% to $86 million.
Regarding this, Jason Warnick (CFO) said, "We continued solid revenue growth in Q3," adding, "We strengthened business diversification by adding new business lines that generate more than $100 million in annual revenue through the acquisition of Prediction Markets and Bitstamp."
Meanwhile, according to CNBC estimates, Robinhood's total revenue was $1.27 billion, surpassing the expected $1.19 billion. Earnings per share were $0.61, beating the expected $0.53.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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