Robinhood's stock declined after reporting its fourth-quarter earnings, with revenue of $1.28 billion, missing the expected $1.35 billion, despite a 27% year-over-year increase. The company's revenue was negatively impacted by the ongoing crypto winter, which caused a significant drop in trading volumes related to cryptocurrencies, especially Bitcoin. Senior analyst Christian Bolu noted that crypto's share of Robinhood's revenue has decreased from over 20% to near 10%, and a 50% decline in trading volume could result in only about a 10% hit to earnings, indicating manageable risks. Despite the revenue miss and deceleration in key metrics such as net deposit growth, Robinhood's management remains optimistic about future growth, citing strong transaction volumes in January and promising outlooks for 2026, including increased focus on prediction markets and private-market investing. CEO Vlad Tenev highlighted the potential for a 'super cycle' in prediction markets, betting on events like sports and politics, which could become a significant revenue driver. The company also emphasized the importance of non-crypto trading, particularly options trading, which has seen record volumes. Overall, the market reaction appears justified given the high expectations and the company's challenging crypto environment, but Robinhood's management maintains a positive long-term outlook.