Robinhood Posts Quarterly Profit Amid 112% Surge in Crypto Trading Volume to $14.4 Billion

Oct 30, 2024, 09:07 PM

Robinhood has reported a quarterly profit driven by strong retail trading. The brokerage's crypto trading volume increased by 112% year-over-year, reaching $14.4 billion, with crypto revenue rising 165% to $61 million. Despite the impressive growth in crypto trading, Robinhood's overall revenue missed analyst estimates due to a customer promotion program that required the firm to offset a portion of the haul. The program led to a $27 million reduction in net revenues. Consequently, Robinhood shares fell following the earnings report.