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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Following the results, Needham analyst John Todaro maintained a Buy rating on the stock, lowering the price forecast from $95 to $85.

Customer Momentum

Tenev said Robinhood saw record activity across prediction markets, futures, index options, shorting, and margin.

The company also reported double-digit annual growth in equity and options trading volumes.

Robinhood Banking grew fivefold since the previous earnings report, with more than $2 billion in net deposits.

The platform now has more than 125,000 funded banking customers and a 40% direct deposit attach rate.

Gold Growth

Robinhood Gold reached a record 4.3 million subscribers, up 36% year over year.

The company’s Gold credit card surpassed 800,000 customers, with an annualized purchase volume of $15 billion.

Robinhood said nearly 1 million customers have used Cortex, its AI-powered investing tool.

The company also plans crypto expansion in Canada and received in-principle approval for brokerage services in Singapore.

Outlook

CFO Shiv Verma said April trading volumes in equities and options were tracking near historic highs.

The company is increasing its guidance for 2026 adjusted operating expenses and SBC by an additional $100 million. The new range is $2.7 billion to $2.825 billion.

The increase reflects investment in Trump Accounts, a government-linked initiative aimed at younger investors.

HOOD Price Action: Robinhood Markets shares were down 10.69% at $73.30 during premarket trading on Wednesday, according to Benzinga Pro data.

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