Key Points
Nov 7 (Reuters) - Robinhood Markets (HOOD.O) missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down more than 9% in extended trading...
Robinhood was at the center of the 2021 retail trading frenzy, driven by mom-and-pop investors who used the company's commission-free platform to pump money into so-called "meme stocks" during the pandemic-era lockdowns...
"If the current levels of securities lending and free credit balances continue, we anticipate Q4 net interest revenue will be roughly $20 million lower than Q3 levels," said CFO Jason Warnick in a call with analysts...
Robinhood's net interest revenue, however, nearly doubled to $251 million in the quarter as it charged customers a higher interest on their loans against the backdrop of the U.S. Federal Reserve's rapid monetary policy tightening...
Robinhood's net revenue rose 29% to $467 million in the three months ended Sept. 30, but missed analysts' expectations of $478.4 million, as per LSEG data...
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