Robinhood (HOOD) Shares Dive As Investors React To Fed Uncertainty

Benzinga

Robinhood shares fell with the broader market despite strong Q3 results, including doubled revenue, surging crypto activity, and record net deposits. The company is expanding into prediction markets, crypto, and new banking features as user engagement climbs.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Robinhood shares traded lower Thursday alongside the broader market despite strong fundamentals

00:07and earnings, according to Benzinga.

00:10The trading platform reported third-quarter revenue of $1.27 billion, doubling year-over-year

00:16and beating expectations.

00:19Transaction-based revenue rose sharply as crypto trading jumped more than 300 percent

00:24and options and equities activity increased.

00:27Robinhood's reached $0.61 per share, and the company reported a record $20 billion in

00:32net deposits, higher average revenue per user, and growing gold subscriptions.

00:38Robinhood is expanding into new businesses, with prediction markets and Robinhood crypto

00:42each pacing toward or above $100 million in annualized revenue.

00:47The firm is also testing new banking features, including at-home cash withdrawals through GoPuff.

00:53Shares fell as the broader market pulled back on rate and growth concerns.

00:57Robinhood shares closed down 8.61 percent at $121.53.

01:04For all things money, visit Benzinga.com.

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