Robinhood Crypto Revenue Tops Estimates Despite 38% Drop, How Will Stock React?

Robinhood reported $100 million in second quarter cryptocurrency transaction revenue, topping the $86.6 million analyst consensus even as the line fell 38% from a year earlier.

The beat landed inside a record quarter. Total net revenues rose 32% to $1.31 billion, while diluted earnings per share climbed 48% to $0.62.

Robinhood Crypto Revenue Cleared a Bar That Had Already Dropped

Expectations were modest going into Wednesday's release. Crypto revenue had already fallen 47% in the first quarter to $134 million.

The second quarter figure slipped another 25% from that level. Trading activity accounts for most of the decline.

Robinhood App crypto notional volumes fell 35% year over year to $18 billion. Bitstamp contributed $22 billion, taking the combined total to $40 billion.

The wider market has not recovered. Bitcoin trading near $63,559 sits roughly 46% below its level a year ago.

Robinhood opened a crypto stock earnings week that also brings Coinbase and Strategy results on Thursday.

Prediction Markets Carried the Record Print

Transaction based revenues rose 44% to $776 million. Event contracts delivered $156 million, more than 10 times the year ago figure.

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