Robinhood doubles crypto trading volume, but shares dip 12% on Q3 earnings
Robinhood also reported a 76% year-on-year increase in assets under custody, attributed to rising crypto valuations.
Shares in trading platform Robinhood fell 12.4% after-hours after its third-quarter earnings missed Wall Street estimates, though crypto trading volume and revenues doubled year-on-year.
Robinhood’s Q3 results show that crypto trading volumes and crypto revenue soared 112% and 165% year-on-year in the third quarter, coming to $14.4 billion and $61 million, respectively, helping the firm swing back into profit.
However, the $150 million net income and $637 million revenue Robinhood posted in Q3 still missed industry estimates, and consequently, HOOD shares fell over 12.4% in after-hours trading, Google Finance data shows.
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Author: Brayden Lindrea
