Robinhood (NASDAQ:HOOD) is down to $73 Wednesday after Q1 crypto revenue plunged 47% to $134 million, yet Bernstein maintains its $130 target for the stock.
The Q1 Miss: Crypto Revenue Collapsed
Robinhood on Tuesday reported cryptocurrency revenues of $134 million and native-app notional trading volumes of $24 billion, year-over-year declines of 47% and 48% respectively.
Crypto now accounts for just 13% of total revenue versus 17% in Q4 2025.
Q1 revenue hit $1.067 billion, a 7% miss versus estimates. Adjusted EBITDA of $534 million missed expectations by 9%.
The company posted net income of $346 million, a 3% increase year-over-year, maintaining profitability despite the crypto collapse.
What Worked: Prediction Markets, Gold Subscribers
Prediction markets emerged as the primary growth driver with event contracts trading a record 8.8 billion units in Q1.
This segment contributed $415 …