Robinhood shares tank 10% after crypto revenue falls by three quarters
Robinhood posted $51 million worth of transaction-based revenue from crypto in Q3, marking a 78% decrease compared to the previous quarter. Robinhood shares (HOOD) have fallen sharply on the back of the firm’s Q3 results which posted lower than expected crypto trading revenue.The popular retail trading firm published its Q3 report on Oct. 26, with crypto accounting for $51 million (19%) of the total $267 million worth of transaction-based revenue in the quarter. The release of the report on Tuesday coincided with HOOD dropping around 10% to $35.70, however the price has since gained 1.9%....
Related News
Ark Investment took the opportunity to buy Robinhood shares at a discount following the trading company's unsatisfactory earnings report. ARK Invest, the investment management firm focused on innovative tech led by Cathie Wood, took advantage of a dip in the price on Wednesday to buy nearly $80 million worth of Robinhood stock.As per daily trading data, Wood’s ARK purchased a total of 2.24 million shares of Robinhood across three of Ark’s ETF funds, with the majority of shares going to the flagship fund ARK Innovation ETF. Robinhood now accounts for 1.33% of the Innovation ETF. On Oct. 27,....
Robinhood has grown so much this year thanks to increased interest in Dogecoin. The trading platform recently revealed that crypto trading made up 50% of its revenue for the second quarter of the year. And that number is expected to grow as Robinhood’s focus falls on crypto. This is why the most recent feature that […]
Robinhood, the fee-free cryptocurrency, stock, and options exchange, raised almost $2 billion in its initial public offering, reaching a valuation of $32 billion. While the company is more valuable than Nasdaq itself, the IPO failed to give the company an expected valuation of $35 billion. Robinhood trading will open today, with its shares trading under the HOOD ticker. Robinhood Misses $35 Billion Valuation Goal Robinhood, the fee-free investing app, has successfully completed its IPO, raising almost $2 billion. However, the company failed to meet the goal of reaching a $35 billion....
Around 41% of Robinhood’s quarterly revenues were generated by crypto trading. Popular retail trading app, Robinhood, has revealed crypto trading surged in popularity on the platform and now represents 41% of its revenue.According to its second-quarter financial results published Aug. 18, the firm generated $233 million from crypto trading services for the quarter, up from $5 million for the entirety of 2020. More than 60% of funded Robinhood accounts traded digital assets during Q2 2021.With early 2021 witnessing the speculative dog-token trading frenzy, a whopping 62% of Robinhood’s....
Trading platform Robinhood has reported that 40% of its cryptocurrency transaction-based revenue was attributable to transactions in the meme cryptocurrency dogecoin in the third quarter. By comparison, dogecoin accounted for 62% of the company’s transaction-based revenue in the second quarter.
Dogecoin Trading on Robinhood
Robinhood Markets Inc. stated in its quarterly filing with the U.S. Securities and Exchange Commission (SEC) Friday:
For the three months ended September 30, 2021, 40% of our cryptocurrency transaction-based revenue was attributable to....