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

Robinhood's third-quarter crypto trading revenue fell 55% year over year to $120 million, or 8.4% of total revenue versus 21% a year earlier, but still beat analysts' forecast of $114.1 million. Crypto trading volume dropped 38% to $50 billion, with the Robinhood app down 48% to $21 billion and Bitstamp down 28% to $29 billion. Total revenue rose 12% to $1.424 billion, helped by options, equities and prediction markets, while third-quarter EPS of $0.51 fell short of the $0.55 consensus. Robinhood Chain processed more than $80 billion in decentralized exchange volume and generated over $50 million in chain fees in its first quarter on mainnet, though the company did not disclose how much of that was recognized as revenue. Shares fell about 5% in post-market trading.

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