Robinhood’s · third-quarter cryptocurrency trading business was down 55% from last year but still topped Street forecasts.
Crypto transaction revenue dropped to $120 million in the third quarter, according to the company’s earnings report released Tuesday. That was down from about $267 million in the same period last year, but ahead of Wall Street analysts’ expectations of $114.1 million.
That left crypto accounting for just 8.4% of Robinhood’s $1.42 billion in total quarterly revenue, compared with roughly 21% a year earlier.
The decline came as customers traded less crypto across Robinhood’s platforms. Total crypto trading volume fell 38% to $50 billion, including $21 billion through the Robinhood app, down 48%, and $29 billion through crypto exchange Bitstamp, down 28%.
The slump in crypto trading revenue stood in contrast to Robinhood’s broader business. Total revenue rose 12% year-over-year to $1.424…
