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Robinhood Stock Trading | Investing & Articles

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  • Robinhood review
    • Robinhood crypto
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  • Crypto
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Home›Robinhood crypto›Robinhood says third quarter revenue to decline due to drop in crypto trading activity in updated IPO filing

Robinhood says third quarter revenue to decline due to drop in crypto trading activity in updated IPO filing

By Tim Kane
July 22, 2021
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Coming soon a listed stock and cryptocurrency brokerage app Robin Hood expects its next quarterly earnings to be lower than in previous quarters.

What happened: According to a recently amended Form S-1, Robinhood noted that its trading activity in the first two months of 2021 was “particularly high” but has now returned to “levels more in line with previous periods”.

“We expect our revenues for the three months ending September 30, 2021 to be lower than the quarter ended June 30, 2021, due to lower levels of trading activity from record levels of trading activity. , particularly in cryptocurrencies, over the three months ended June 30, 2021, and expected seasonality, ”the trading app said on file.

The company also expects to report net income of between $ 546 million and $ 574 million in the second quarter, which it says is mainly due to a 130% increase in cumulative net funded accounts and increased trading activity. related to options and cryptocurrencies.

It also expects to report $ 102 billion in assets in custody this year, which is a 205% increase from the $ 33 billion it reported at the same time last year.

Read also: Robinhood Crypto Entity Faces $ 30 Million Fine After Money Laundering Investigation

“The increase in these KPIs is primarily the result of an increase in the number of new users joining our platform, driven by general interest trading in the market,” the platform said.

However, Robinhood predicts that the growth rate of these metrics is also expected to be lower over the next few months due to a slowdown in crypto trading activity.

Last month, the platform revealed that 34% of its crypto revenue in the first quarter came from Dogecoin (CRYPTO: DOGE) alone.

Price action: At the time of going to press, the main cryptocurrency Bitcoin (CRYPTO: BTC), was trading at $ 32,156, up 0.30% in the past 24 hours.

Dogecoin also traded up 0.04% over the same time frame, trading hands for $ 0.1902 at the time of writing.

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  3. Fintech Robinhood creates practically 400 new jobs in Meck County – WSOC TV
  4. Traders Contribute Over $ 100 Million Into Bitcoin IRA Program
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