Robinhood reported record quarterly revenue on October 27, while earnings declined from a year earlier.
The financial-services company said third-quarter revenue increased 12% to $1.42 billion for the period ended September 30. Net income fell 14% to $476 million, and diluted earnings per share declined 16% to 51 cents. Adjusted earnings were 60 cents per share, a separate measure excluding specified items.
Transaction-based revenue rose 19% to $867 million. Options revenue increased 31% to $399 million, while equities revenue rose 41% to $121 million. Cryptocurrency revenue fell 55% to $120 million.
Net interest revenue declined 9% to $415 million. Robinhood attributed the decrease primarily to lower securities-lending activity and short-term interest rates, partly offset by growth in interest-earning assets.
The company reported $15.7 billion in quarterly net deposits and 5.2 million Robinhood Gold subscribers. Total platform assets reached $396 billion, up 19% year over year.
The figures describe the company’s completed quarter and reported customer metrics, rather than a prediction of future trading activity.
Sources: Robinhood — October 27 results: https://investors.robinhood.com/static-files/097e3ef5-f1a9-4981-b224-c58d9da67159