Robinhood (HOOD) shares slid practically 13% to $10.12 in the post-hour exchanging on Thursday after the commission-free exchanging stage announced a decrease in cryptocurrency revenue, and overall final quarter revenue and earnings that missed the mark regarding analyst assumptions.
Robinhood Revenue Totaled Almost $48M
Transaction-based digital money revenue totaled $48 million contrasted with $51 million in the second quarter, which was down from a record $233 million in the second quarter. The $48 million in crypto exchanging revenue addressed a 304% increment over last year’s final quarter, notwithstanding. In the meantime, revenues from equity exchanging Q4 fell 35% year-over-year to $52 million.
The organization said it has defined aggressive objectives to fire opening up its crypto stage to international clients this year, which it considers a major opportunity.
Robinhood Launched the Public Beta of its Digital Wallets
Robinhood as of late launched the public beta of its cryptocurrency Wallets and plans for a full send off before the finish of the primary schedule quarter of 2022. It likewise noted it sent off Crypto Gifts over special times of year to allow clients to send crypto to loved ones.
Total revenue for the final quarter totaled $363 million, below the $376.3 million expected by analysts, as indicated by FactSet information. The adjusted net loss was $0.49 per share, contrasted with the $0.36 adjusted loss per share that analyst’s figure. The organization directed for first-quarter revenues of “under $340 million, which was below the $444 million figure by analysts.
Robinhood opened up to the world last July at an initial public offering cost of $38 per share. The stock hit another all-time low on Monday in the midst of an overall tech and crypto sell-off.
Gotten some information about potential plans to offer crypto staking and a marketplace for non-fungible tokens (NFTs), Robinhood management said the organization is building out its crypto group and checking out the regulatory landscape, however offered no particulars on future plans.