Robinhood's crypto revenue drops 55% year-over-year to $120 million in Q3

Robinhood reported a 55% year-over-year decline in crypto trading revenue to $120 million in the third quarter, representing 8.4% of total revenue. The figure topped Street forecasts of $114.1 million. Total crypto trading volume fell 38% to $50 billion, while overall company revenue rose 12% to $1.424 billion. The company also reported that its Robinhood Chain blockchain processed over $80 billion in decentralized exchange trading volume and generated over $50 million in fees during its first quarter on mainnet.