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Why Robinhood Stock Plunged Today

TheMotleyFool

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Shares of Robinhood Markets (NASDAQ: HOOD) fell 10.3% on Thursday after the online brokerage released its second-quarter financial results and alerted shareholders to a slowdown in trading activity.

Robinhood's revenue soared 131% year over year to $565 million. The gains were driven by a surge in cryptocurrency-related transaction revenue to $233 million, up from only $5 million in the year-ago quarter.

Traders have flocked to Robinhood's platform over the past year. Monthly active users jumped 109% to 21.3 million. Its assets under custody, in turn, increased 205% to $102 billion.

Source Fool.com

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