Robinhood posts $808M Q3 adjusted EBITDA as crypto revenue falls 55%

Robinhood reported third-quarter adjusted EBITDA of $808 million, a result that came in above estimates. It is a solid number from a company that once looked like a meme-stock app with a crypto side hustle. The headline figure tells only half the story. Crypto revenue fell 55% from a year earlier, yet the company still grew. Robinhood is no longer leaning on any single product to pay the bills. The numbers behind the beat Total net revenues reached $1.42 billion for the quarter, up 12% year over year. Options, equities and event contracts drove that growth. Adjusted EBITDA rose 9% from the prior-year quarter to $808 million. Crypto was the soft spot. Revenue from digital asset trading dropped 55% to $120 million. Profit per share was weaker. Diluted earnings per share fell 16% to $0.51. Adjusted EPS slipped 3% to $0.60. Customers keep showing up with money Net deposits came in at $16 billion, per the company’s reported figures, with research placing the number in a range of $15.7 billion to $16 billion. Robinhood also cited a trailing twelve-month growth rate of 21%. Funded customers reached 28.7 million, a 7% increase from a year ago. Total platform assets climbed 19% to $396 bill...