Robinhood Crypto Revenue Tops Estimates Despite 38% Drop, How Will Stock React?

Robinhood reported $100 million in second quarter cryptocurrency transaction revenue, topping the $86.6 million analyst consensus even as the line fell 38% from a year earlier. The beat landed inside a record quarter.

Total net revenues rose 32% to $1.31 billion, while diluted earnings per share climbed 48% to $0.62. Robinhood Crypto Revenue Cleared a Bar That Had Already Dropped Expectations were modest going into Wednesday’s release.

Crypto revenue had already fallen 47% in the first quarter to $134 million. The second quarter figure slipped another 25% from that level. Trading activity accounts for most of the decline. Robinhood App crypto notional volumes fell 35% year over year to $18 billion.

Bitstamp contributed $22 billion, taking the combined total to $40 billion. The wider market has not recovered. Bitcoin trading near $63,559 sits roughly 46% below its level a year ago.