Robinhood Q1: Crypto rev -47%, volume -48%; options, equities up

Robinhood reported first-quarter results on Tuesday. Crypto revenues were $134 million, a 47% decline year-over-year. Native-app notional crypto trading volume was $24 billion, down 48% from the same quarter a year earlier.

Total transaction revenue for the quarter was $623 million, up 7% year-over-year, which the company attributed to a 320% increase in event contracts revenue. Net income was $346 million, a 3% increase. Robinhood’s shares fell more than 6% in after-hours trading to $76.99.

Options revenue rose 8% to $260 million, and equities revenue increased 46% to $82 million. Bitstamp, the crypto exchange Robinhood acquired last year, reported notional trading volumes of $42 billion; no percentage change was provided for Bitstamp's volumes.

The company reported record volumes in prediction markets, futures and index options and noted customers were adopting new products. Robinhood reported net deposits growing at an annualized rate above 20%.

CFO Shiv Verma noted, “In Q1, customers remained engaged and rapidly adopted new products, leading to a 20 percent-plus annualized net deposit growth rate, double digit growth across equities and options, and record volumes for prediction markets, futures, and index options.”

The company did not provide a breakdown of profit contribution by product beyond the headline categories.