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Robinhood’s Crypto Revenue Declined 24% to $39M in Q4
The online trading broker overall missed both earnings and revenues estimates for the quarter.
By Nelson Wang
Updated May 9, 2023, 4:07 a.m. Published Feb 8, 2023, 9:40 p.m.
Online trading brokerage Robinhood Markets (HOOD) reported $39 million in crypto trading revenue in the fourth quarter, down 24% from $51 million in the third quarter.
The company also said its board had authorized the company to pursue purchasing all or most of the 55 million shares that a holding company for former FTX execs Sam Bankman-Fried and Gary Wang bought in May 2022, and canceled nearly $500 million of its share-based compensation.
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The company noted that its Robinhood crypto wallet was rolled out to more than one million waitlisted users in 2022 after a beta version of its Polygon-based Web3 wallet was released in September.
Overall for the fourth quarter, Robinhood posted an adjusted loss of 19 cents a share, ahead of the consensus analyst estimate of a loss of 15 cents a share, according to FactSet, on revenue of $380 million, below the analyst estimate of $396 million.
Shares of Robinhood were up about 3% to $10.80 in after-hours trading on Wednesday. Shares are up about 30% year to date but down 21% over the last year.
Robinhood is scheduled to hold a call with analysts at 5 p.m. ET.
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