Robinhood dips as Q1 earnings miss and crypto revenue, volume fall nearly 50%

Online trading platform Robinhood fell 9.4% in after-hours trading after its Q1 revenue missed analyst estimates, while crypto revenue and trading volume fell nearly 50% from a year ago. 

Robinhood’s crypto transaction revenue fell 47% year-on-year from $252 million to $134 million, while crypto trading volume fell 48% to $24 billion over the same period, according to the company’s Q1 earnings report on Tuesday. 

Robinhood’s transaction-based crypto revenue fell for the third consecutive quarter in Q1. Source: Robinhood 

Its earnings per share of $0.38 and $1.07 billion in revenue missed industry expectations by 11.6% and 6.1%, respectively, contributing to a 9.4% fall in Robinhood (HOOD) shares. The company still made a profit, with its net income rising 3% year-on- year to $346 million.

Robinhood CEO Vladimir Tenev attributed the crypto revenue and trading volume fall to price swings in the market but added that the company is more focused on building crypto infrastructure and