• Robinhood Markets reported robust Q3 income of $1.2 billion, practically double the earlier yr and exceeding forecasts, leading to web earnings of $556 million.
  • The corporate surpassed general expectations with $989 million in complete gross sales and $386 million in revenue.
  • Robinhood expanded its choices by buying crypto trade Bitstamp in June and launching into the prediction market area of interest with a brand new platform in partnership with Kalshi.

Robinhood had a robust Q3, with a income of US$1.2 billion (AU$1.85 billion), practically double a yr earlier and forward of forecasts. Earnings per share got here in at US$0.61 (AU$0.94) with web earnings of US$556 million (AU$856.24 million).

Chairman and CEO Vlad Tenev attributed the outcomes to sooner product rollout, citing fast development in prediction markets, the early rollout of Robinhood Banking, and upcoming plans for Robinhood Ventures. 

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Robinhood Beats Expectations

The dealer has been increasing past buying and selling as crypto exercise rebounded. Final quarter, Robinhood posted complete gross sales of US$989 million (AU$1.52 billion), EPS of US$0.42 (AU$0.65), and earnings of US$386 million (AU$594.44 million), all above expectations.

Jason Warnick, CFO of Robinhood, believes This autumn will proceed with a bang and new file month-to-month buying and selling volumes.

Q3 was one other robust quarter of worthwhile development, and we continued to diversify our enterprise, including two extra enterprise traces—Prediction Markets and Bitstamp—which can be producing roughly $100 million or extra in annualized revenues. And This autumn is off to a robust begin in October, with file month-to-month buying and selling volumes throughout equities, choices, prediction markets, and futures, and new highs for margin balances.

Jason Warnick, Chief Monetary Officer of Robinhood.

Crypto Information Australia reported that Robinhood closed the Bitstamp acquisition in June of this yr, including a regulated buying and selling venue and customers throughout greater than 50 international locations. For comparability, the corporate posted US$61 million (AU$93.94 million) in crypto income within the year-ago quarter.

And sure, the trade additionally dived into the prediction market area of interest by partnering with Kalshi and launching a brand new platform for political and main world occasions, with contracts working principally the identical as some other prediction platform on the market. 

After hours, shares fell about 2% however remained up roughly 260% yr to this point. The corporate’s market capitalisation now stands at about US$126 billion (AU$194.04 billion).

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