Robinhood beat Wall Road expectations for the third quarter on Wednesday, extending a sizzling streak that has made it one of many largest large-cap U.S. tech stocks this 12 months.
Right here is how Robinhood’s outcomes in comparison with Wall Road estimates, in accordance with analysts surveyed by LSEG:
- Earnings per share: 61cents vs. 53 cents anticipated
- Income: $1.27 billion vs. $1.19 billion anticipated
Income doubled year-over-year, whereas internet earnings climbed to $556 million, or 61 cents per share, up considerably from the identical quarter final 12 months, when the corporate posted internet earnings of $150 million, or 17 cents per share.
Transaction-based income, which is a proxy for buying and selling exercise, got here in at $730 million, under StreetAccount’s $739 million estimate.
“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,” finance chief Jason Warnick mentioned within the launch.
Robinhood is closing the hole with Coinbase because it pushes past retail buying and selling into full-scale wealth administration. The corporate has been aggressively providing deposit matches to lure shoppers from Constancy and Schwab, and property below administration have grown with its TradePMR acquisition.
Robinhood year-to-date inventory chart.
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