Robinhood Q3 revenue hits record high but profit misses estimates, stock drops 7%

Robinhood reported Q3 2024 total revenue of $1.424 billion, up 12% year-over-year, but GAAP net profit fell 14% to $0.51 per share, missing market expectations. Crypto revenue plummeted 55% to $120 million, while net interest income declined 9% to $415 million. Despite growth in options and prediction market revenue, the decline in traditional crypto trading and securities lending income weighed on overall profitability.