Robinhood Q3 Earnings: Vlad Tenev Doubles Down on Robinhood Chain as Crypto Revenue Drops 55%

Robinhood reported its Q3 earnings on Tuesday evening, and the headline numbers missed. Revenue hit a record $1.42 billion, just under the $1.43 billion analysts expected. Earnings per share came in at $0.51 against a $0.55 forecast. Crypto revenue fell 55% year over year to $120 million. Yet the call told a different story. Vlad Tenev said Robinhood Chain has outrun every internal forecast, and Robinhood now plans to ramp up its investment in the chain. HOOD stock dropped around 7%, while Robinhood Chain tokens jumped 20% to 60% overnight.