“散户大本营”Robinhood财报超预期 加密收入不及预期

Core Insights - Robinhood reported strong Q3 results, with revenue and profit exceeding Wall Street expectations, driven by significant growth in cryptocurrency, options, and stock trading volumes [1][3][5] Financial Performance - Revenue: Q3 net revenue reached $1.27 billion, surpassing analyst expectations of $1.21 billion [3] - EBITDA: Adjusted EBITDA for Q3 was $742 million, exceeding the forecast of $726.9 million [3] - Earnings per Share: EPS was $0.61, above the expected $0.53 and up from $0.17 in the same period last year [4] - Net Profit: Net profit increased to $556 million, significantly higher than $150 million in the same quarter last year [5] - ARPU: Q3 ARPU (Average Revenue Per User) was $191, exceeding the expected $182 [6] - Monthly Active Users: Q3 monthly active users reached 13.8 million, above the forecast of 13.31 million [7] Revenue Breakdown - Transaction-based Revenue: Q3 transaction-based revenue was $730 million, slightly above the expected $725.8 million [9] - Cryptocurrency Revenue: Q3 cryptocurrency revenue surged 300% to $268 million, though it fell short of the anticipated $287.2 million [9] - Options Revenue: Q3 options revenue was $304 million, exceeding the forecast of $301.3 million [9] New Growth Drivers - Event Contracts: The event contracts business saw a significant increase, with trading volume reaching 2.3 billion contracts in Q3, more than double the previous quarter [10] - Future Potential: The new CFO highlighted that the prediction markets business could generate approximately $100 million in annualized revenue [10] Strategic Developments - Leadership Transition: CFO Jason Warnick announced plans to retire in 2026, with Shiv Verma appointed as his successor to ensure continuity in financial strategy [12][13] - Business Diversification: Robinhood is expanding its offerings, including banking and venture capital services, aiming to reduce reliance on trading revenue [14][15] Market Positioning - Evolving Business Model: Robinhood is transitioning from a trading platform primarily for retail investors to a comprehensive fintech competitor, with a focus on diverse revenue streams [15]