Robinhood posts record $1.4 billion revenue, but a 14% profit drop exposes hidden portfolio losses

Robinhood's event-contract revenue exceeded crypto revenue for the second consecutive quarter, reaching $173 million in the third quarter, up from $120 million in the second quarter, according to the company's results. Both businesses grew from the second quarter , with Robinhood's crypto revenue rising from $100 million to $120 million quarter-on-quarter. Revenue from prediction markets rose from $156 million to $173 million in the same period. Year over year, cryptocurrency revenue fell 55%, while event-contract revenue grew more than sixfold. That growth raises the stakes in the dispute over whether states can restrict federally regulated prediction markets.

Source: CryptoSlate