Robinhood Released Its Third Quarter Report; Crypto Assets Shed 25%

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Robinhood Released Its Third Quarter Report; Crypto Assets Shed 25%
  • Robinhood reported $23 million in crypto revenue in Q3 2023.
  • WuBlockchain reports a 55% decline in Robinhood’s crypto assets compared to the same period in 2022.
  • The trading firm will launch its U.K. Brokerage operations and EU Crypto trading within the year.

California-based financial services firm Robinhood (HOOD) disclosed $23 million in cryptocurrency revenue for the third quarter (Q3). The value reported is 25% less than its $31 million revenue in the second quarter.

The Q3 report also emphasized a 29% year-over-year increase in Robinhood’s overall net profit, reaching $467 million. This boost is attributed to elevated net interest and other revenues, although partially offset by a decline in transaction-based revenues.

Moreover, Chinese crypto reporter, Colin Wu, “WuBlockchain” on X (formerly known as Twitter) reports that HOOD is down by 55% from the same period in 2022. Wu further added that the company’s intentions are to expand its crypto trading market to the European Union and open its brokerage operations in the U.K. in a few weeks.

Taking note of their lofty goals, the CEO and Co-Founder of Robinhood Markets, Vlad Tenev, is reported to have said:

Looking ahead, we remain focused on providing industry-leading products that serve far more of [our] customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.

The financial services company, which offers crypto trading in the U.S. at present, is currently hiring staff in the U.K., laying the basic groundwork for the said expansion. The plans come as the Financial Conduct Authority has implemented consumer protection that requires crypto firms to deliver clear risk labels and implement system modifications.It’s worth noting that the value missed Wall Street’s estimates of $478.4 million by 2.4%. However, HOOD shares have reportedly dipped about 9% following the release of its Q3 report.

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