Robinhood Markets (HOOD.O) missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down nearly 7% in extended trading.
The logo for Robinhood Markets, Inc., is displayed on a screen during the company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021. REUTERS/Brendan McDermidmissed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down nearly 7% in extended trading.
The boost has since faded as Americans grappling with a cost-of-living crisis, high interest rates and elevated levels of inflation put trading on the back foot. The muted trading activity took the shine off Robinhood nearly doubling the income it earns from charging customers interest on their loans against the backdrop of the U.S. Federal Reserve's rapid monetary policy tightening.Robinhood allows eligible customers to borrow money to purchase securities and charges an interest on the debt. The feature, known as "margin investing", has provided sanctuary to the retail investor-focused firm from taking a hit due to muted trading activity.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall St inches up as markets await Fed speakers amid rate-cut hopesWall St inches up as markets await Fed speakers amid rate-cut hopes
Read more »
Wall St inches up as markets await Fed speakers amid rate-cut hopesWall Street's main indexes edged higher in early trade on Monday as investors geared up for commentary by a slew of policymakers later in the week which is likely to provide clarity on whether the Federal Reserve could cut rates next year.
Read more »
Robinhood sales miss expectations, and stock dropsCompany plans to launch a brokerage in the U.K. and crypto trading in the European Union ‘in the coming weeks’
Read more »
Robinhood Q3 revenue falls short on slowing trading activityRobinhood Q3 revenue falls short on slowing trading activity
Read more »
Joker Just Saved Red Hood From BatmanIn a big DC Comics twist, Jason Todd (Red Hood) just got help against Batman form his nemesis The Joker.
Read more »
The Story of Robin Hood: Where to Watch & Stream Online?The Story of Robin Hood (1952) follows Robin Hood as he takes on a king and his taxing system. Here's how to watch the film.
Read more »