Robinhood Shares Slump as Crypto Trading Weakness Continues

Robinhood Shares Slump as Crypto Trading Weakness Continues
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Robinhood Shares Slump as Crypto Trading Weakness Continues

Robinhood (HOOD) shares slid almost 13% to $10.12 in after-hours trading Thursday after the commission-free trading platform reported a decline in crypto revenues, and overall fourth-quarter revenues and earnings that fell short of analyst expectations.

  • Transaction-based cryptocurrency revenues totaled $48 million compared to $51 million in the third quarter, which was down from a record $233 million in the second quarter.
  • The company said it has “set aggressive goals” to start opening up its crypto platform to international customers this year.
  • Robinhood recently launched the public beta of its Crypto Wallets and plans for a full launch before the end of the first calendar quarter of 2022.
  • Total revenue for the fourth quarter totaled $363 million, below the $376.3 million expected by analysts, according to FactSet veri. The adjusted net loss was $0.49 per share, compared to the $0.36 loss per share that analysts forecast.
  • Robinhood went public last July at an IPO price of $38 per share. The stock hit a new all-time low on Monday amid an overall tech and crypto selloff.

This is a developing story and will be updated.

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