Robinhood Misses Profit Estimates Despite Record Trading Volumes

Robinhood (HOOD) missed Wall Street profit estimates for the third quarter as a slowdown in crypto trading, higher expenses, and a decline in income from interest eclipsed record numbers in stocks, options, and prediction markets. Cryptocurrency markets have been under substantial pressure this year as geopolitical tensions and rising oil prices fuel market uncertainty. The online brokerage’s net income declined 14% year over year to $476 million, and diluted earnings per share fell 16% to $0.51. Meanwhile, revenue rose 12% to $1.42 billion, while transaction-based revenue from crypto trading fell 55% to $120 million.

Source: Crypto Breaking News