Robinhood Falls Short as Trading, Monthly Users Drop

Robinhood Markets shares dropped after it missed Wall Street’s third-quarter revenue expectations, as transaction revenue and monthly active users both slowed.

Transaction revenue fell 11%, to $185 million. That includes a 13% drop in equities transaction revenue and a 55% drop in crypto revenue. “It’s been nearly 10 years since we founded Robinhood and we’re just getting started,” said CEO and co-founder Vlad Tenev, in a statement. “Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.”

In September, Robinhood said in a filing that it had bought back more than 55 million shares of its stock from a company once owned by Sam Bankman-Fried, for about $605 million through a share purchase agreement with the U.S. Marshall Service.

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