Robinhood's crypto income drops nearly 80% In Q3

by in Cryptocurrency News

Robinhood

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.

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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.