Table of Contents
a. Key Points
Prediction markets continue to rapidly grow.
Tough quarter for crypto revenue growth.
Robinhood Banking is scaling very nicely.
b. Demand Snapshot
Missed revenue estimates by 6.5%.
Transaction-based revenue missed estimates by 5.7%.
Options revenue missed estimates by 8%.
Equity revenue missed estimates by 2%.
Crypto revenue missed estimates by 9%.
Net interest revenue missed estimates by 8%.
Missed funded account estimates by 100K.
Missed monthly active user (MAU) estimates by 1.5%.
c. Profit Snapshot
Missed EBITDA estimates by 8.3%.
Missed $0.39 EPS estimates by a penny. EPS rose by 3% Y/Y.
OpEx rose by 18% Y/Y to support product and marketing investments.
Interest-earning asset growth and balance sheet optimization helped offset the interest rate headwind to drive Y/Y net interest margin expansion.
d. Balance Sheet
$5B in cash & equivalents.
Share count rose by 0.6% Y/Y.
e. Guidance & Valuation
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