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Online broker Robinhood reported a big drop in revenue in the third quarter, as cryptocurrency trading on the company's app fell by more than four times, CNBC reports. The downward trend in trading by retail investors could continue for the rest of the year, the company said.
Robinhood reported third-quarter net revenue of $365 million, against $431.5 million expectation ща analysts surveyed by Refinitiv. On a year-over-year basis, revenue was up 35 percent, but was well below the second-quarter result of $565 million. The revenue growth then was driven by growth on the cryptocurrency trading platform.
Revenue from transactions in the third quarter was $267 million, with only $51 million coming from cryptocurrency trading. In the second quarter, fees from crypto-trading brought the company $233 million. The significant interest in Dogecoin contributed to this.
CEO and co-founder of Robinhood Markets Vlad Tenev said that the company was developing new products and services, including cryptocurrencies, during the quarter. More than 1 million people have already joined the cryptocurrency wallet waiting list, he said. The company said it expects revenue in the fourth quarter not to exceed $325 million. The number of accounts grew by 660,000 in the third quarter.
source: cnbc.com
Robinhood reported third-quarter net revenue of $365 million, against $431.5 million expectation ща analysts surveyed by Refinitiv. On a year-over-year basis, revenue was up 35 percent, but was well below the second-quarter result of $565 million. The revenue growth then was driven by growth on the cryptocurrency trading platform.
Revenue from transactions in the third quarter was $267 million, with only $51 million coming from cryptocurrency trading. In the second quarter, fees from crypto-trading brought the company $233 million. The significant interest in Dogecoin contributed to this.
CEO and co-founder of Robinhood Markets Vlad Tenev said that the company was developing new products and services, including cryptocurrencies, during the quarter. More than 1 million people have already joined the cryptocurrency wallet waiting list, he said. The company said it expects revenue in the fourth quarter not to exceed $325 million. The number of accounts grew by 660,000 in the third quarter.
source: cnbc.com
