Robinhood Crypto Volumes Double in Q3; October Number Set To Exceed Quarterly-Average At $5B, Says CFO
Portfolio Pulse from Aniket Verma
Robinhood Markets Inc. (NASDAQ:HOOD) reported a significant increase in cryptocurrency trading volumes in Q3, with a 112% rise from last year, reaching $14.4 billion. Despite this, the company's total quarterly revenue of $637 million missed analyst expectations. Robinhood's shares fell 12.4% in after-hours trading.
October 31, 2024 | 3:33 am
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Robinhood reported a 112% increase in Q3 cryptocurrency trading volumes, but missed revenue estimates, leading to a 12.4% drop in after-hours trading.
The significant increase in cryptocurrency trading volumes indicates strong growth in this segment for Robinhood. However, the overall revenue miss against analyst expectations suggests potential concerns about the company's broader financial performance. The immediate market reaction was negative, with a 12.4% drop in after-hours trading, reflecting investor disappointment.
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