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Fintech and trading platform company Robinhood Markets HOOD reported third-quarter financial results after the market close Wednesday. Here are the key highlights.
What Happened: Robinhood reported third-quarter revenue of $361 million, up 14% sequentially. The revenue total beat a Street estimate of $355.27 million, according to data from Benzinga Pro.
The company reported a loss of 20 cents per share, which beat a Street estimate of a loss of 31 cents per share.
In the third quarter, Robinhood had 12.2 million monthly active users, down 1.8 million from the prior quarter. The company cited a “volatile market environment” as a reason for less frequent trading. The company had 22.9 million funded accounts, up around 60,000 from the last quarter.
The company reported transaction based revenue was up 3% sequentially to $208 million. Options related revenue of $124 million was up 7% sequentially. Equities related revenue of $31 million was up 7% sequentially. Cryptocurrency related trading revenue of $51 million was down 12% sequentially.
Average revenue per user was $62, up from $56 in the prior quarter.
“In the third quarter we achieved our goal of reaching adjusted EBITDA profitability, a quarter earlier than planned,” Robinhood CEO Vlad Tenev said.
Related Link: How To Trade Robinhood Stock Heading Into Q3 Earnings
What’s Next: The company’s fourth-quarter roadmap includes retirement accounts, progressing the Robinhood Wallet and integrating the Lightning Network.
The first 10,000 Robinhood Wallets were rolled out as a beta version in September to people on a waitlist.
The company expects operating expenses for the full year to be in a range of $2.34 billion to $2.4 billion, down 31% to 32% from the prior fiscal year.
HOOD Price Action: Robinhood shares are up 3% to $11.76 in after-hours trading versus a 52-week range of $6.82 to $38.17.
Read Next: Cathie Wood Adds This Bitcoin Linked Stock For 2nd Straight Day, Also Ups Robinhood
Photo via Shutterstock.
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Image and article originally from www.benzinga.com. Read the original article here.