online trading company Robinhood Overall, it failed to meet both earnings and revenue targets for this quarter.
Robinhood’s Crypto Revenue Drops 24% in Q4 to $39M
Online trading firm Robinhood Markets (HOOD) reported $39 million in crypto trading revenue in the fourth quarter, down 24% from $51 million in the third quarter.
The company also said its board of directors had authorized former FTX executives Sam Bankman-Fried and Gary Wang to continue to purchase all or most of the 55 million shares a holding company bought in May 2022, and canceled its approximately $500 million in share-based compensation.
The company noted that the Robinhood crypto wallet was made available to more than one million waitlisted users in 2022, following the September launch of the beta version of the Polygon-based Web3 wallet.
Robinhood had revenue of $380 million overall for the fourth quarter, below an estimated $396 million.
It also posted an adjusted loss of 19 cents per share, above analysts’ estimates of a loss of 15 cents per share.
Robinhood shares rose nearly 3% to $10.80 in after-hours trading Wednesday. Shares are up about 30% to date, but are down 21% last year.
Recently, Robinhood announced that users Shiba Inu (SHIB) It has finally launched its much-anticipated cryptocurrency wallet called Robinhood Wallet, a smartphone app that allows them to transfer and exchange crypto assets, including
*Not investment advice.
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