Why Robinhood Stock Crashed Today
Shares of Robinhood (NASDAQ: HOOD) sank 10.4% on Wednesday after the online brokerage's third-quarter financial results disappointed shareholders amid a shortfall in cryptocurrency trading volumes.
Robinhood's revenue rose 35% year over year to $365 million. That was well below Wall Street's expectations for revenue of $431.5 million. It also represented a sharp decline from the $565 million in revenue Robinhood generated in the second quarter.
Worse still, monthly active users declined 11% sequentially, to 18.9 million.
Source Fool.com
