Robinhood Markets’ crypto revenue jumped over 300% in Q3, helping to double its revenue from last year to surpass analyst expectations.
Trading platform Robinhood Markets saw its third-quarter crypto revenue surge 300% from a year ago, helping to boost its quarterly earnings above Wall Street expectations.
Robinhood announced on Wednesday that its Q3 transaction-based revenues increased 129% from the same period last year to $730 million, attributing the gain to its $268 million in crypto revenues, which rose more than 300% from the previous year.
The company’s total revenues for the quarter ended Sept. 30 doubled year-over-year to $1.27 billion, beating analyst expectations of $1.2 billion. Its earnings per share increased 259% to 61 cents, outpacing analyst estimates of 51 cents per share.
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