Robinhood Markets shares slipped about 6% in after-hours trading Tuesday after the retail brokerage reported a 47% year-over-year drop in cryptocurrency revenue, dragging overall first-quarter results below Wall Street expectations.

The Menlo Park firm posted $346 million in first-quarter profit, or $0.38 per diluted share, narrowly missing analyst estimates of $0.39 even as net income rose 3% from a year earlier.

Crypto Revenue Slides as Bitcoin Cools

Crypto transactions generated $134 million in revenue during the quarter, down 47% year-over-year as digital asset trading activity cooled across the platform.

Total revenue reached $1.07 billion, up 15% year-over-year but short of the $1.14 billion analysts had projected. The miss arrived…