Robinhood shares tank 10% after crypto revenue falls by three quarters
Robinhood shares (HOOD) have fallen sharply on the back of the firm’s Q3 results which posted lower than expected crypto trading revenue.
The popular retail trading firm published its Q3 report on Oct. 26, with crypto accounting for $51 million (19%) of the total $267 million worth of transaction-based revenue in the quarter.
The release of the report on Tuesday coincided with HOOD dropping around 10% to $35.70, however the price has since gained 1.9% to sit at $36.40 at the time of this writing.
The $51 million generated from crypto transactions in Q3 marked a 78% decrease compared to the firm’s record $233 million from Q2. Robinhood’s crypto revenue last quarter was bolstered by the Dogecoin (DOGE) community, with the memecoin representing
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