Robinhood Faces 47% Crypto Revenue Drop, Bernstein Maintains Positive Outlook
Robinhood's Q1 revenue from crypto has declined 47% year-on-year, contributing to an 8% drop in its stock price. Despite this, Bernstein maintains an 'outperform' rating, forecasting a potential rebound as the company shifts its focus away from crypto volatility, according to DL News.
Heads up: this article is over 30 days old and may contain price predictions or time-sensitive information that is no longer accurate.
In the first quarter of 2023, Robinhood reported a significant 47% decline in crypto-related revenue compared to the same period last year, leading to an 8% decrease in its stock price. Bernstein, a research and brokerage firm, has reaffirmed its ‘outperform’ rating for Robinhood, setting a price target of $130 and anticipating that the stock could nearly double from its current level.
Analysts at Bernstein attribute the company’s revenue challenges primarily to a decline in the crypto market, which has suffered a larger downturn with a $1.5 trillion loss in total value across the sector. Even as Robinhood experienced a dip, its overall revenue remained robust with a reported growth of 15% year-on-year, driven by a surge in prediction markets trading. Transaction-based revenue reached $623 million, buoyed by an increased volume of event contracts traded.
Looking ahead, Bernstein forecasts that Robinhood could see a recovery in earnings, particularly with the anticipated launch of Rothera, its prediction markets exchange, expected to go live in mid-2026. The firm also notes that the overall business environment is stabilizing for crypto as of April 2023, suggesting potential for improved performance in the coming months.
Summary based on original reporting by Lance Datskoluo at DL News, originally published Apr 29, 2026. SolanaWire does not republish source content.
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