Robinhood Misses Q3 Targets as Crypto Falls 55% YoY — SkimNews
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- Robinhood reported third-quarter revenue of $1.42 billion, slightly below the roughly $1.43 billion expected, and earnings of $0.51 per share versus $0.55 projected; net income fell 14% to $476 million from $556 million.
- Event contracts generated $173 million, up from $156 million in the second quarter, while customers traded a record 16.4 billion contracts—more than seven times the year-earlier volume; CEO Vlad Tenev called the company "at the very beginning of a prediction market supercycle."
- Crypto revenue climbed 20% to $120 million from $100 million in the second quarter but remained 55% below $268 million a year earlier; customer crypto volume fell 38% to $50 billion.
- Robinhood Chain went live July 1 as an Ethereum layer-2 network and earned about $3.13 million in fees over 30 days through August, compared with $2.47 million for Ethereum and $2.89 million for Base; its first weeks were driven by meme coins rather than tokenized stocks.
- Ripple announced a deal to bring RLUSD, a stablecoin with a market value above $2.5 billion, to Robinhood Chain and Bitstamp, with an in-app rollout planned later this year; Ripple will also provide treasury software and lending for Bitstamp traders.
- Robinhood narrowed its 2026 adjusted operating-expense and stock-based-pay outlook to $2.675 billion-$2.75 billion, trimming the prior $2.775 billion ceiling; shares slipped after hours after closing at $94.61.
- Robinhood Ventures Fund I produced a $67 million unrealized loss that cost $0.07 per share; adjusted earnings excluding certain items were $0.60 per share, down 3% from a year earlier.
Why it matters: For Robinhood shareholders, the quarter delivered growth outside crypto but not enough to meet forecasts: event-contract revenue reached $173 million, while crypto revenue remained 55% below a year earlier and 2026 adjusted operating expenses and stock-based pay are still guided as high as $2.75 billion. Shares slipped after hours.
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