Robinhood (Nasdaq: HOOD) had a strong third quarter, with crypto trading volumes doubling to $14.4 billion. This led to a 65% spike in crypto revenue, pulling in $61 million. Yet, despite these wins, it wasn’t enough to keep its stock from slipping.

According to Wednesday’s earnings report, the American trading platform pulled in $637 million in Q3 revenue—a 36% year-over-year increase. Transactions-based revenue grew impressively to $319 million, a 72% boost. While crypto might’ve posted the largest revenue increase, options trading took the lead as the top revenue generator, raking in $202 million, up 63% from last year. Meanwhile, equities trading also made gains, rising by 37% to hit $37 million.

Robinhood’s net income surged to $150 million, translating to $0.17 in EPS, a huge leap from the $85 million loss it reported in Q3 2023. The platform added 1 million funded accounts year-over-year, totaling 24.3 million, with investment accounts hitting 25.1 million. Average revenue per user (ARPU) also grew by 31% to $105.

Yet, Wall Street had higher hopes. Despite Robinhood’s financial momentum, shares took a 12.5% dip in after-hours trading. The Zacks Consensus Estimate had predicted $661.21 million in revenue and an EPS of $0.18, setting a bar Robinhood narrowly missed. So, while crypto gains shone bright, the markets were left wanting just a little more.

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