Robinhood cryptocurrency transaction turnover shrinks by almost 80 % in the third quarter
Robinhood cryptocurrency transaction turnover shrinks by almost 80 % in the third quarter
The trading company Robinhood based on Millennials published its sales report for the third quarter on October 26, and it doesn't look good on the crypto front.
The company specified that the activity of digital assets has decreased from record heights in the previous quarter, which led to significantly less newly financed accounts. In the third quarter of 2021, this led to a lower turnover compared to the second quarter.
Robinhood reported $ 51 million of cryptotranship-based income for the quarter. This is an increase of a whopping 860 % compared to the $ 5 million in the third quarter of 2020, but a decline of 78.1 % compared to $ 233 million in the second quarter 2021 .
Interestingly, the company Prediciency A decline in commercial activity for Q3. It is likely that the crypto revenue for the fourth quarter will increase because the markets have recovered.net turnover from Robinhood
The company's total net sales for the period is $ 365 million, with 14% eliminating crypto. This is a decrease of 35 % compared to the $ 565 million, which were reported for the second quarter, where transactions with digital assets make up 41 % of the company's total networks.
Wall Street analysts expected that Robinhood would decrease by six cents per share with a turnover of $ 437 million, although the actual number was significantly below its estimates. Due to the disappointing results, the company even lost almost $ 2 per share and reported a net loss of $ 1.32 billion.
The transaction-based total turnover was $ 267 million, which corresponds to a decrease of 41 % compared to the $ 451 million in the previous quarter. Vlad Tenev, CEO and co -founder of Robinhood Markets, said:
"In this quarter it was about developing more products and services for our customers, including crypto wallets. More than a million people have connected our connected Wartel list for crypto wallets
He added that the company endeavors to "provide tax -privileged retirement provision accounts that help everyone invest in the long term".
hood prices drop by 10%
The Robinhood share has suffered a predictable blow in the news because the disappointing sales report shaken the shareholders. Hood prices collapse by 10.5% in follow-up trading, so Market observation .
The share in anticipation of the report reached $ 40, but collapsed to $ 35.8 after the results were published.
The Robinhood share has fallen by 11.4 % in the last 30 days and has fallen by 44 % from the beginning of August compared to its all-time high of $ 70.40.
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