Flashy Numbers, Fragile Narrative Robinhood closed the third quarter with the fastest growth in its history:Net revenue: $1.27 B (+100 % YoY)Net profit: $556 m (+271 % YoY)Diluted EPS: $0.61 (+259 % YoY)Funded accounts: 26.8 m (+2.5 m net adds)Yet the shares slipped 7 % after hours, and are down 12 % from the earnings-day high. The headline beat was not enough; investors worry they are buying the cyclical peak, not a structural inflection.Where the Growth Came From Transaction-related revenue...

Flashy Numbers, Fragile Narrative Robinhood closed the third quarter with the fastest growth in its history:Net revenue: $1.27 B (+100 % YoY)Net profit: $556 m (+271 % YoY)Diluted EPS: $0.61 (+259 % YoY)Funded accounts: 26.8 m (+2.5 m net adds)Yet the shares slipped 7 % after hours, and are down 12 % from the earnings-day high. The headline beat was not enough; investors worry they are buying the cyclical peak, not a structural inflection.Where the Growth Came From Transaction-related revenue...