The digital brokerage said its transaction revenue dropped 11% from last year and monthly active users fell 16%.
Robinhood Markets shares dropped after it missed Wall Street’s third-quarter revenue expectations, as transaction revenue and monthly active users both slowed.
Transaction revenue fell 11%, to $185 million. That includes a 13% drop in equities transaction revenue and a 55% drop in crypto revenue. “It’s been nearly 10 years since we founded Robinhood and we’re just getting started,” said CEO and co-founder Vlad Tenev, in a statement. “Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.”
In September, Robinhood said in a filing that it had bought back more than 55 million shares of its stock from a company once owned by Sam Bankman-Fried, for about $605 million through a share purchase agreement with the U.S. Marshall Service.
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.
Robinhood Q3 revenue falls short on slowing trading activityRobinhood Q3 revenue falls short on slowing trading activity
Read more »
Robinhood Falls Short as Trading, Monthly Users DropThe digital brokerage said its transaction revenue dropped 11% from last year and monthly active users fell 16%.
Read more »
Robinhood plans EU crypto trading expansion as Q3 revenue fell short of estimatesCrypto-friendly trading app Robinhood announced plans to expand crypto trading into the EU and establish a UK brokerage.
Read more »
Stock movers: Take-Two Interactive, Enovix, Robinhood Markets, Rivian AutomotiveShares in Take-Two Interactive, Enovix, Rivian, Sleep Number, Vroom, Robinhood Markets, Ebay and Klayviyo were active in pre market trading
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 »
Dueling interests ask if Biden goes too far on AI or falls shortPresident Joe Biden’s executive order on artificial intelligence is setting up a tug of war between those who fear agencies empowered under it wi...
Read more »