Analysis of Robinhood's Q3'22 Earnings

Robinhood net revenue grew +14% QoQ and declined 1% YoY. Despite the broader slowdown in the market, transaction revenue grew from $202mm to $208mm QoQ while falling 22% YoY.  

To note, the increase in transaction revenue was driven primarily by a +9mm increase in options trading and spot equities, while digital assets contracted from $58mm to $51mm.