Robinhood Markets Inc posted a 35% jump in third-quarter revenue on Tuesday, as cryptocurrency trading helped offset the hit from retail investors becoming less active after powering a frenzied rally in so-called “meme stocks” earlier this year.
Transaction-based revenue from cryptocurrencies surged 860% to $51 million in the quarter, even though activity eased from record highs in the previous quarter, Robinhood said.
Revenue from equities trading fell 27% to $50 million.
A slowdown in retail trading, one of the standout trends in the pandemic era, comes as vaccine rollouts in the United States helped the country ease restrictions and resume sports and other activities.
Robinhood, owner of the app that was at the center of a trading mania for so-called meme stocks, said in August it expects retail investors to take a breather in the third quarter.
In its second set of results as a public company, the company posted total revenue of $365 million for the quarter ended Sept. 30, compared to $270 million a year earlier.
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