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Robinhood shares tank as revenue falls way short of expectations on lighter crypto trading
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cnbc.comIn this article
Stock trading app Robinhood reported a huge revenue miss in the third quarter as cryptocurrency trading dropped off.
And Robinhood said barring any change in the market environment, the headwinds that dragged down last quarter like lower retail trading activity will persist into the end of the year.
Shares of the newly public company tanked by 8% in after hours trading on Tuesday.
For the third quarter, total net revenue came in at $365 million, missing estimates of $431.5 million, according to Refinitiv. Revenues increased 35% year-over-year but were well below the second quarter's revenue of $565 million, which was bolstered by a massive surge in crypto trading.
Third quarter transaction based revenue totaled $267 million,
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