Robinhood stock crashes 11% in a day as crypto revenue plummets

Stock of the popular online trading platform Robinhood (NASDAQ: HOOD) declined 2.24% to $82.07 during the April 28 session before collapsing another 9.33% in the after-hours to $74.41 for a total daily crash of more than 11%.

The bulk of the HOOD equity plummet came as the firm unveiled its latest quarterly earnings report, which showed that the slowdown in the cryptocurrency market helped trigger a substantial revenue and earnings per share (EPS) miss.

Specifically, while Wall Street was expecting Robinhood to achieve $1.17 billion in sales in the first quarter (Q1) of 2026, the firm actually recorded $1.07 billion for a modest year-over-year (YoY) growth of 15%.

The situation was similar in terms of EPS, which came in at $0.38 – 3% higher YoY – instead of the anticipated $0.41.

Cryptocurrencies drag Robinhood earnings down in Q1, 2026

Simultaneously, while many of the metrics provided in the report showed substantial growth compared to early 2025, cryptocurrency-related revenue collapsed a staggering 47% to just $134 million.

Q1 of 2026 was a sluggish quarter for digital assets, as, for example, Bitcoin (BTC) declined 22.61% between the start of January and the end of March, Ethereum (ETH) 31.77%, and the popular XRP token 28.11% within the same timeframe.

Robinhood also likely suffered from negative momentum continuing from the final quarter of 2025. Indeed, after hitting its record high above $125,000 in October, BTC crashed approximately 30% to $88,262 by the end of the year, and the total cryptocurrency market cap decreased from $4.22 trillion to $2.93 trillion.

Robinhood unveils strong equity revenue growth, ‘Trump Accounts’ investments

Elsewhere, Robinhood recorded significant growth in multiple categories, with the standout figures coming for the platform’s ‘Gold Subscribers – whose number rose  36% to 4.3 million – and total platform assets, which soared 39% YoY to $307 billion.

Revenue from equities and ‘other transaction revenue’ also rose significantly, with the former surging 46% to $82 million and the latter soared 320% to $147 million.

Notably, the report demonstrated just how significant cryptocurrencies have become for the platform since, even after nearly halving YoY, revenue from digital assets was significantly higher than from stocks.

Lastly, Robinhood announced the expansion of a likely long-term program through the rest of 2026 with another $100 million investment to build and develop the ‘Trump Accounts’ – the new program often described as a children’s IRA.

Featured image via Shutterstock