Based on data that Robinhood released in its third-quarter financials, its crypto transaction revenue has dropped 78% over the past three months. Against this background, the total value of Robinhood shares fell by 10%.
The document says that for the third quarter, the company received revenue much lower than expected. Income from transactions involving digital assets was $ 51 million, which is almost 80% less than the figure declared in the second quarter of this year.
It is noted that in total, over the past three months, Robinhood has earned $ 267 million. That is, only 19% of the total profit falls on the proceeds from crypto transactions. And this even though digital assets have recently become almost the main activity of Robinhood.
In this context, it is worth noting the fact that on the day of publication of the financial report (October 26), the value of the HOOD asset also fell to $ 35.7. Experts attribute the 10% drop in shares directly to the sharp decline in Robinhood's earnings.
At the time of this writing, by the way, the price of HOOD managed to rise by 1.6% to $ 36.4.