Robinhood earnings top forecasts as crypto revenue jumps 300%, company announces CFO transition

Core Insights - Robinhood's stock is expected to open higher following strong earnings and revenue that exceeded forecasts, alongside the announcement of the CFO's departure in Q1 next year [1][3] Financial Performance - In Q3, Robinhood reported earnings per share of $0.61, surpassing the Wall Street expectation of $0.53 [1] - Total net revenue reached $1.27 billion, marking a 100% increase year-over-year and exceeding the forecast of $1.2 billion [1] Revenue Breakdown - Transaction-based revenues saw a significant boost from cryptocurrency, which rose over 300% to $268 million, although it fell short of the expected $287.2 million [2] - Equities revenue increased by 132% [2] Leadership Changes - CFO Jason Warnick will retire next year, with insider Shiv Verma set to take over the role [3] Stock Performance - Robinhood's shares have surged nearly 40% since joining the S&P 500 in September and are up 280% year-to-date, making it the top performer in the S&P 500 this year [3] Product Development - The stock rally has been driven by new product launches, including tokenized stocks in Europe, prediction markets, and crypto staking, aimed at increasing customer wallet share [4] - Analysts expect October trends to exceed Q4 expectations, highlighting the rapid growth of the prediction markets launched earlier this year [4]