盘后跌超2%！一年暴涨超4倍的“美国网红券商”Robinhood利润超预期，加密货币收入不及预期，CFO辞职！

Core Viewpoint - Robinhood's third-quarter profits exceeded Wall Street expectations, driven by a significant increase in cryptocurrency revenue, although it fell short of analyst forecasts. The company announced the resignation of CFO Jason Warnick and appointed Shiv Verma as the new CFO [1][3]. Financial Performance - Revenue: The net revenue for Q3 was $1.27 billion, surpassing analyst expectations of $1.21 billion [4]. - Adjusted EBITDA: The adjusted EBITDA for Q3 was $742 million, exceeding the expected $726.9 million [5]. - Earnings Per Share: The EPS was $0.61, higher than the expected $0.53 and significantly up from $0.17 in the same period last year [6]. - Net Profit: Net profit rose to $556 million, a substantial increase from $150 million in the same quarter last year [7]. - ARPU: The Average Revenue Per User (ARPU) for Q3 was $191, above the expected $182 [8]. - Monthly Active Users: The monthly active user count reached 13.8 million, exceeding the forecast of 13.31 million [8]. - Revenue by Segment: Transaction-based revenue for Q3 was $730 million, slightly above the expected $725.8 million [8]. Cryptocurrency and Options Revenue - Cryptocurrency Revenue: Q3 revenue from cryptocurrencies was $268 million, a remarkable 300% increase, but below the analyst expectation of $287.2 million [9]. - Options Revenue: Revenue from options trading was $304 million, surpassing the expected $301.3 million [9]. Event Contracts and Market Expansion - Event Contracts Trading: The trading volume of event contracts surged to 2.3 billion in Q3, more than doubling from the previous quarter. In October alone, the trading volume exceeded 2.5 billion [10]. - Expansion of Event Contracts: Robinhood has expanded the range of event contracts from sports and finance to include politics, entertainment, and technology [11]. Management Insights - CEO Vlad Tenev highlighted the rapid launch of new products contributing to record business performance in Q3, with a focus on the growth of prediction markets and the gradual rollout of banking services [13]. - CFO Jason Warnick noted the strong and profitable growth in Q3, emphasizing the diversification of revenue streams with new business lines [13]. Strategic Positioning - Robinhood is diversifying its revenue sources to reduce reliance on trading activities, recently partnering with Sage Home Loans to offer mortgage services and planning to launch a closed-end fund for retail investors [14]. - The company is positioning itself as a comprehensive wealth management platform, narrowing the gap with competitors like Coinbase [14]. - The majority of Robinhood's trading-related revenue now comes from non-stock categories, including options, futures, and cryptocurrencies, indicating a shift in its business model [14].