robin hood The company beat Wall Street expectations for the third quarter on Wednesday, extending its strong winning streak and making it one of the year’s biggest large-cap U.S. tech stocks.
Here’s how Robinhood’s results compare to Wall Street’s expectations, according to analysts surveyed by LSEG.
Earnings per share: 61 cents vs. 53 cents expected Earnings: $1.27 billion vs. $1.19 billion expected
Revenue doubled from the same period last year, and net income increased to $556 million, or 61 cents per share, compared to net income of $150 million, or 17 cents per share, in the same period last year.
Transaction-based revenue, a measure of trading activity, was $730 million, below StreetAccount’s estimate of $739 million.
“The third quarter was another strong quarter of profitable growth,” Finance Director Jason Wernick said in a release. “We continue to diversify our business, adding two additional lines of business, Prediction Markets and Bitstamp, generating approximately $100 million or more in annual revenue.”
Robinhood is closing the gap with coinbase That’s because they’re moving beyond retail trading and into full-fledged asset management. The company has been actively offering deposit matches to attract customers from Fidelity and Schwab, and its acquisition of TradePMR has expanded its assets under management.
Robinhood stock price chart since the beginning of the year.
