Robinhood reported Tuesday mixed third-quarter results as revenue fell short of Wall Street estimates amid a decline in users on the trading platform.
Robinhood Markets Inc (NASDAQ:HOOD) fell 7% in afterhours trading following the report.
The company reported a loss of $0.09 per diluted share on revenue of $467 million. Analysts were expecting a loss of $0.10 per share on revenue of $480.06M.
The miss on the top line was driven by weakness in equities and cryptocurrency revenue, which declined 13% and 55% respectively in the Q3 from a year earlier
Monthly active users fell 16% to 10.3M year over year in Q3.
Looking ahead, total operating expenses for full-year 2023 is now expected be in the range of $2.399B to $2.439B, up from a prior forecast of $2.330B to $2.410B.
