Robinhood reported $100 million in second quarter cryptocurrency transaction revenue, topping the $86.6 million analyst consensus even as the line fell 38% from a year earlier.

The beat landed inside a record quarter. Total net revenues rose 32% to $1.31 billion, while diluted earnings per share climbed 48% to $0.62.

Robinhood Crypto Revenue Cleared a Bar That Had Already Dropped

Expectations were modest going into Wednesday’s release. Crypto revenue had already fallen 47% in the first quarter to $134 million.

The second quarter figure slipped another 25% from that level. Trading activity accounts for most of the decline.

Robinhood App crypto notional volumes fell 35% year over…