Robinhood (HOOD) on Wednesday reported a 339% year-over-year improve in third-quarter crypto buying and selling income, extending momentum from earlier this 12 months because the buying and selling app leans deeper into digital belongings and international markets.
The corporate dealt with $80 billion in crypto buying and selling quantity through the quarter, posting $268 million in crypto-related income, up from $61 million in the identical quarter final 12 months. Adjusted earnings per share (EPS) got here in at $0.61 towards Road estimates for $0.53; whole internet income reached $1.27 billion versus forecasts for $1.21 billion.
Shares had been down 2% in after hours buying and selling, however stay greater by about 260% year-to-date.
“Q3 was one other sturdy quarter of worthwhile development, and we continued to diversify our enterprise, including two extra enterprise strains — Prediction Markets and Bitstamp — which might be producing roughly $100 million or extra in annualized revenues,” mentioned CFO Jason Warnick. “And This fall is off to a powerful begin in October, with report month-to-month buying and selling volumes throughout equities, choices, prediction markets, and futures, and new highs for margin balances.”
The corporate now has a market capitalization of $126 billion, placing it above rivals like Coinbase (COIN), which reported sturdy earnings final week.
The sturdy outcomes comply with a string of strikes to deepen Robinhood’s crypto footprint. Earlier this 12 months, the agency acquired Bitstamp, increasing its regulatory presence and person base in additional than 50 international locations.