Robinhood stock shrugs off a 47% crash in crypto revenue thanks to a massive surge in event betting
While the trading platform’s crypto revenue tanked 47% to $134 million, a record-breaking surge in prediction market bets helped push overall revenue up 15% to $1.07 billion.
What to know:
- Robinhood’s first-quarter 2026 total revenue rose 15 percent to $1.07 billion, while adjusted earnings per share edged up to 38 cents from 37 cents a year earlier.
- Crypto-related revenue dropped 47 percent to $134 million as customer activity shifted toward other products, including a surge in event contracts that helped lift transaction-based revenue to $623 million.
- The company reported strong growth in net interest income and subscription products such as its Gold service, even as its shares fell 6 percent in post-market trading ahead of its 5 p.m. Eastern earnings call.
The drop came as customer activity shifted toward other trading products. Transaction-based revenue rose modestly to $623 million from $583 million a year ago. A key driver was a surge in so-called event contracts, which brought in a large share of “other transaction revenue” that climbed 320% year over year to $147 million.
Robinhood said users traded a record 8.8 billion event contracts during the quarter, reflecting growing interest in prediction markets. These products let users place bets on the outcome of real-world events, similar to forecasting whether interest rates will rise or who might win an election.
Total revenue increased 15% to $1.07 billion, compared with $927 million a year earlier. Net income increased 3% year-over-year to $346 million.
Adjusted earnings per share came in at $0.38, slightly above $0.37 in the prior-year period, but missing analyst estimates of $0.39.
