Robinhood Markets Inc. (NASDAQ:HOOD) missed Wall Street’s first-quarter estimates, even as revenue climbed and customer deposits stayed strong.
On Tuesday, the brokerage posted first-quarter revenue of $1.07 billion, up 15% from a year earlier but below analysts’ expectations of $1.18 billion.
Cryptocurrency revenue came in at $134 million, declining 47% from the year-ago period.
“I want to get away from talking about the price of Bitcoin or all of the other native crypto assets,” said CEO Vladimir Tenev during the quarterly conference call. “Our strategy is to take crypto infrastructure and apply it to assets that have real-world utility. That’s why we care so much about tokenization.”
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