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Robinhood shares drop on crypto trading dip

Robinhood employees and executives

Robinhood shares plunged after a huge drop in crypto trading

Photo: Nasdaq

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.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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