Robinhood quadruples quarterly earnings from crypto trading, fails to meet targets

ambcrypto.com:

Robinhood, the stock platform largely credited with bringing trading to everyday users, has reported its fourth quarter earnings. What’s more, there are plenty of intriguing takeaways for crypto traders as well.

In its Q4 and full year report, Robinhood recorded a rise in cryptocurrencies stating,

“Cryptocurrencies for the quarter increased 304% to $48 million, compared to $12 million in the fourth quarter of 2020, and for the year increased to $419 million, compared with $27 million for the year ended December 31, 2020.”

Before investors break out the confetti, however, it’s important to note that Robinhood’s shares fell by over 12% after the trading company failed to meet the estimated targets for the final quarter of 2021, according to The Financial Times. Adding to that, total net revenue in Q4 was $363 million, which was around $7 million below the target.

Furthermore, Robinhood has estimated more drops this quarter, with total net revenues possibly coming below $340 million.

That said, Robinhood is far from giving up on its foray into the crypto sector. In its earnings report, the company reminded readers of the launch of its crypto gifts. Meanwhile, the Robinhood crypto wallet is in the public beta stage, with a formal launch due to take place in the current quarter.