Robinhood just launched a public test of its Crypto Wallets, with a full launch planned for the first calendar quarter of 2022.
After the commission-free trading platform revealed a decline in crypto revenues, as well as total fourth-quarter revenues and profitability that fell short of analyst projections, Robinhood (HOOD) shares plunged nearly 13% to $10.12 in after-hours trading Thursday.
Transaction-based cryptocurrency revenue was $48 million in the third quarter, down from $51 million in the second quarter and a record $233 million in the first.
The company stated that it has “set aggressive goals” to begin accepting international consumers on its crypto platform this year. According to FactSet data, overall sales for the fourth quarter was $363 million, which was lower than the $376.3 million projected by analysts. The adjusted net loss per share was $0.49, compared to the $0.36 loss per share predicted by analysts.
Last July, Robinhood went public with an IPO price of $38 per share. On Monday, the stock fell to a new all-time low amid a broader selloff in tech and cryptocurrency. Transaction-based cryptocurrency revenue was $48 million in the third quarter, down from $51 million in the second quarter and a record $233 million in the first.
The company stated that it has “set aggressive goals” to begin accepting international consumers on its crypto platform this year.
Last July, Robinhood went public with an IPO price of $38 per share. On Monday, the stock fell to a new all-time low amid a broader selloff in tech and cryptocurrency.
