The post Robinhood Reports $14 Billion in Crypto Trading Volume, Shares Drop by 12% appeared on BitcoinEthereumNews.com.

Trading platform Robinhood released its Q3 results, revealing a significant increase in crypto trading volume and revenue compared to Q3 of 2023. Despite the impressive year-on-year surge, Robinhood missed Wall Street estimates, reporting a 12% decline in HOOD shares after-hours trading.  In its third-quarter earnings, trading platform Robinhood revealed it doubled its crypto trading volume and revenue year-on-year. While the firm’s crypto interests are impressive, Robinhood missed industry estimates, and shares dropped over 12% in after-hours trading.  Robinhood Assets Under Management Increase by 76% Shares in trading platform Robinhood declined 12.4% after its Q3 earnings missed Wall Street estimates. The Q3 results showed that crypto trading volume and revenue soared 112% and 165%, respectively, which helped the firm remain profitable.  According to the company’s results, Robinhood reported a $150 million net income and $637 million in revenue, but the earnings ultimately fell short, resulting in a dramatic decline in HOOD shares. Robinhood’s $0.17 earnings per share missed the Zacks Consensus Estimate of $0.18, and the company’s reported revenue missed estimates by 3.6%. While the company’s crypto trading volume grew 112% from the same quarter in Q3, it severely declined from 2024’s Q1 results of $36 billion and Q2’s $21 billion. Reports also revealed a decline in crypto revenue from Q2’s $81 million.  While the firm’s Q3 earnings disappointed, Robinhood still increased its assets under management by 76% year-on-year to $152.2 billion. The firm owes this increase to rising crypto valuations as its crypto assets under management grew to $19.5 billion, a 32.3% rise from $14.7 billion in Q4 2023.  Robinhood’s chief financial officer, Jason Warnick, commented that the firm was pleased with how it has performed this year, saying it enjoys the successes of the past three quarter’s revenue as its highest thus far. Robinhood Shares Skyrocket in 2024 Despite…

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Filed under: News - @ November 1, 2024 1:23 am