Robinhood Shares Fall as Trading Revenue Diminishes

Written By Guest User

  • Robinhood ($HOOD) shares have fallen about 15% in a week as the trading platform missed revenue expectations in its 2021 third quarter earnings report.

  • The company’s Q3 earnings report shows that the the company total revenue has increased 35% to $365 million from $270 million during Q3 2020, but missed their expected earnings of $423.9 million.

  • The report noted the decline of cryptocurrency trading activity on the platform from the record highs seen in Q2, leading to fewer new funded accounts and lower revenue generated in Q3 2021 compared to Q2 2021.

  • “This quarter was about developing more products and services for our customers, including crypto wallets,” said Robinhood CEO Vlad Tenev. “More than one million people have joined our crypto wallets waitlist to date. With 24/7 live phone support, we believe that Robinhood is becoming the most trusted and intuitive platform for retail and crypto investors. And looking ahead, we’re committed to delivering tax-advantaged retirement accounts to help everyone invest for the long term.”

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