TechFlow news, on October 31, according to The Block, zero-commission trading platform Robinhood (NASDAQ: HOOD) released its third-quarter financial report. Data showed that cryptocurrency trading volume reached $14.4 billion during the quarter, up 112% year-on-year, but continued a sequential quarterly decline from $36 billion in Q1 and $21.5 billion in Q2. In equities trading, volume reached $286.2 billion, up 65% year-on-year.
Detailed revenue data revealed that Robinhood generated total revenue of $637 million in Q3, slightly below the market expectation of $651 million. Transaction-related revenue rose 72% year-on-year to $319 million, broken down as follows: cryptocurrency transaction revenue amounted to $61 million, up 165% year-on-year but down from $81 million in the previous quarter; options trading revenue was $202 million, up 63% year-on-year; equities trading revenue was $37 million, up 37% year-on-year.
Chief Financial Officer Jason Warnick said: "We delivered strong performance in the third quarter with 36% year-over-year revenue growth, most of which flowed through to profit. We set out at the beginning of 2024 to achieve another year of profitable growth, and we're pleased to have already broken historical records for both revenue and earnings per share." Notably, Robinhood's Assets Under Custody (AUC) surged 76% year-on-year to $152.2 billion, driven primarily by sustained net customer deposits and rising valuations in both stocks and cryptocurrencies. Additionally, the company confirmed this month it will expand support for Bitcoin and Ethereum futures products and launched a new product this week allowing users to trade contracts predicting the outcome of the U.S. presidential election.
