Robinhood's revenue goes up. Its crypto revenue takes the other escalator.

Robinhood's 27 October results reported record third-quarter net revenue of $1.42 billion, up 12% year on year. Cryptocurrency revenue fell 55% to $120 million, while event-contract revenue rose more than sixfold to $173 million. A company-wide record does not mean every part of the business grew.

The quarter ended on 30 September. Robinhood reported $50 billion in crypto notional trading volume, down 38% from a year earlier, split between $21 billion through the Robinhood app and $29 billion at Bitstamp. These figures describe the value traded, rather than money earned by the company.

The release separately says Robinhood Chain generated more than $80 billion in decentralised-exchange volume and more than $50 million in chain fees during its first mainnet quarter. These are company-reported network metrics, not interchangeable with brokerage crypto revenue. Nor do they establish the quality or prospects of individual tokens launched on the chain.

The useful reading is a changing business mix: options, equities and event contracts helped overall revenue while the reported crypto-revenue line contracted. This concerns the official Robinhood business and its results; independent projects using its chain do not inherit a corporate endorsement.