Busier, Not Richer: Robinhood, Coinbase and Circle in Q3

Robinhood, Coinbase and Circle reported third-quarter results in late October and early November, with Robinhood posting record revenue of $1.42 billion. Robinhood’s revenue rose 12% but net income fell 14% to $476 million as crypto revenue dropped to $120 million from $268 million and event-contract revenue rose to $173 million from $27 million. Coinbase’s transaction revenue fell 44% to $590.2 million, and it retained $177.7 million of stablecoin revenue after USDC rewards, down from $213 million. Circle reported $865 million in revenue and reserve income, including a $182 million ARC token presale; without that sale, revenue fell about 8% as reserve income dropped 8% to $658 million.