Robinhood missed earning expectations on a 78% drop in crypto trading revenue, and shares dropped after hours.
Robinhood reported $365 million in net revenue compared to expectations of $431.5 million.
While crypto trading boosted Robinhood's revenue in the second quarter as the memestock frenzy cooled, crypto trading revenue dropped in the third quarter.
Crypto trading was $51 million in the third quarter, down 78% from the $233 million earned in the second quarter.
Options trading was $164 million or 29% of transaction revenue in the third quarter and equities trading made up $50 million or just 27%.
Shares were down 9.5% after hours.