Robinhood Q3 revenue hits record $1.42B but EPS misses at $0.51

The split between record top-line revenue and an EPS miss points to cost pressure or margin mix rather than weak demand, and the composition matters more than the headline: crypto revenue only edged higher while prediction markets scaled to a meaningful line item. That shift suggests Robinhood's growth narrative is leaning on event-driven betting products rather than its original crypto franchise, a diversification that cuts both ways given the regulatory and seasonal sensitivity of sports and election markets. Whether prediction markets keep compounding faster than crypto, and whether the earnings shortfall proves a one-quarter cost issue, are the open questions.