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 data. 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.
