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π Robinhood Shares Suffer 10% Decline As Crypto Revenue Falls
The firm's Q3 revenue missed analyst predictions by $72 million.
| | | It seems Robinhood's third-quarter revenue fell short of expectations by a lot.
According to the Q3 report the company behind the popular stock trading app published recently, Robinhood generated a total of $365 million net revenue in the third quarter of 2021, which is well below the $437 million predicted by Wall Street analysts.
The main reason behind the disappointing numbers is a major decrease in revenue from crypto transactions. While Robinhood recorded $233 million gains from digital asset transactions in the second quarter, cryptocurrency trading only generated $51 million for the company in Q3.
Due to the 78% fall in crypto transactions-related gains, Robinhood's net revenue decreased by 35% from Q2 to Q3. In addition, the stock trading app lost nearly 2.5 million active users during the same period.
However, Robinhood already has an idea or two to boost its revenue and reclaim its lost users in the last quarter of the year.
Check out this article on Blockdesk to learn how the company's falling revenue impacted its shares, along with other details about the story. |
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Want to read more about crypto? Look no further; check below to find our latest collection of exciting digital asset stories right from Blockdesk: |
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Binance Coin (BNB) Vs. KuCoin Token (KCS) – Which Is Better? – Since their launch, the native tokens of leading cryptocurrency exchanges have gained quite some traction. In addition, some issuers have even launched their own blockchains to empower their coins with a multitude of use-cases. In this article, we have compared Binance Coin (BNB) and KuCoin Token (KCS), two of the most popular exchange tokens currently on the market. What Will Bitcoin, Ethereum, And Ripple Be In 5 Years? – Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are among the oldest cryptocurrencies that have managed to hold top positions among all coins on the market throughout their history. But will they achieve the same in the next five years? |
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That's all for you today. Be sure to check your inbox tomorrow, as we will return with a new batch of cryptocurrency stories. See you then! |
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| Cheers, The Blockster Team |
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