The post Robinhood’s trading volume soars as crypto and equity surge drive 72% revenue jump appeared on BitcoinEthereumNews.com.

Robinhood has reported significant growth in trading volume, with equity trading volumes up by 65% and cryptocurrency trades skyrocketing by 112% in the latest quarter. This surge in activity has propelled the company’s transaction-based revenues to an impressive $319 million, marking a staggering 72% increase compared to the previous year. Shares of trading platform Robinhood plummeted 12.4% in after-hours trading following the release of its third-quarter earnings, which fell short of Wall Street expectations despite a significant year-on-year increase in crypto trading volume and revenue. Robinhood profits from crypto, but shares drop 12% In its Q3 results, Robinhood reported a remarkable rise in crypto trading volumes, soaring 112% year-on-year to reach $14.4 billion. Crypto revenue jumped 165% to $61 million, contributing to the company’s return to profitability. However, Robinhood’s net income of $150 million and revenue of $637 million for the quarter missed industry forecasts, resulting in a notable decline in HOOD shares, as indicated by Google Finance data.  The company’s earnings per share (EPS) of $0.17 also fell short of the Zacks Consensus Estimate of $0.18, while reported revenue declined by 3.6% compared to Zacks’ estimate of $661.2 million. Although Robinhood’s crypto trading volume rose 112% from Q3 2023, it significantly decreased from $36 billion in Q1 2024 and $21 billion in Q2 2024. Additionally, crypto revenue fell from $81 million in the previous quarter. Robinhood boosts crypto assets and adds trading features The trading platform’s assets under custody also grew 76% year-on-year to $152.2 billion, driven partly by rising crypto valuations, with total crypto assets under custody reaching $19.45 billion—up 32.3% from $14.7 billion in Q4 2023. In an effort to compete with established brokerages and attract more mature investors, Robinhood has expanded its service offerings. This month, the company added futures and index options trading features to…

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Filed under: News - @ October 31, 2024 9:23 am