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Robinhood's Q3 crypto trading revenue increased 165% year-on-year to $61 million, and trading volume increased 112% year-on-year
2024-10-31 01:21
Odaily News Robinhood (ticker: HOOD) reported third-quarter earnings on Wednesday, showing that retail traders remain interested in cryptocurrencies despite a slowdown in trading volume throughout the year. Cryptocurrency trading volume increased 112% year-on-year to $14.4 billion, and stock trading volume increased 65% to $286.2 billion. However, cryptocurrency trading volume has fallen from $21.5 billion in the second quarter and $36 billion in the first quarter of this year. Robinhood's trading revenue increased 72% from last year to $319 million, including $61 million in cryptocurrency trading revenue (up 165%), $202 million in options trading revenue (up 63%), and $37 million in stock trading revenue (up 37%). Among them, cryptocurrency revenue is still down from $81 million in the previous quarter. The company's custody assets (AUC) increased 76% year-on-year to $152.2 billion, thanks to continued net deposits and rising stock and cryptocurrency valuations. AUC includes the total value of all stocks, options, cryptocurrencies and cash held in user accounts, minus any receivables owed by users. Robinhood reported third-quarter earnings of $0.17 per share, reversing last year's loss of $0.09 per share. Quarterly revenue was $637 million, slightly below expectations of $650.67 million. (The Block)