1 year ago
The Robinhood CEO besides announced the brokerage firm’s plans to grow the Robinhood Wallet internationally successful the months to come.
Crypto and banal trading level Robinhood highlighted lagging cryptocurrency gross successful the 3rd 4th of 2022, though the results volition bash small to dampen its ambition to service the market, its CEO says.
The trading level announced its third-quarter results connected Nov. 2, with the Robinhood executives pointing to a 12% quarter-on-quarter alteration successful Monthly Active Users (MAU) and a 24% quarter-on-quarter driblet successful notional measurement arsenic 2 of the main drivers down a 12% autumn successful crypto revenue, reaching $51 million.
In a results filing, the institution attributed the autumn successful progressive users and trading measurement arsenic “customers continued to navigate the volatile marketplace environment.”
Despite this, the company’s executives said it would proceed investing its resources into the crypto space, including rolling retired enactment for much cryptocurrencies, a caller planetary retail-focused wallet and NFT-related features connected its platform.
Robinhood rolled retired the Beta of its Polygon-based Robinhood Web3 Wallet to 10,000 customers connected Sept. 27, with more than 1 cardinal connected the waitlist. Robinhood besides integrated Circle’s USD Coin (USDC) stablecoin a time later.
During the league call, Robinhood’s CEO Vladimir Tenev said the steadfast is readying to connection the Robinhood Wallet to its planetary retail basal successful the months to come.
When asked astir Robinhood’s plans for nonfungible tokens (NFTs), Tenev said they volition apt integrate a diagnostic to presumption and custody NFTs successful the adjacent future. However, connecting to NFT marketplaces didn’t look to beryllium connected Tenev’s radar for the abbreviated term.
Tenev besides noted that “customers person asked for Robinhood to adhd much blockchains to summation the breadth of coins disposable for them to swap and trade.”
While Tenev noted that respective much coins were rolled retired successful Q3, helium stressed that Robinhood would not compromise connected its imaginativeness to go “the safest, astir trusted” cryptocurrency work provider:
“We anticipation that customers recognize and admit that we're moving cautiously [...] Sometimes, that means moving a small spot slower than a batch of these different crypto companies. But we privation to beryllium highly deliberate and to assistance support customers and their money.”Related: Robinhood lands steep 60% discount connected $170M speech acquisition: Report
Tenev besides noted that Robinhood rolled retired a escaped “Learn and Earn” cryptocurrency acquisition programme arsenic a means to amended and clasp a broader retail basal implicit the agelong term.
As for Q4 2022, Robinhood’s said it volition proceed to marque advancement connected its Robinhood Wallet, successful summation to its Lightning Network integration.
Robinhood finished the 4th with a nett nonaccomplishment of $175 cardinal contempt its full nett gross expanding 14% to $361 million. While its adjusted EBITDA was $47 million.
According to Investopedia, Robinhood’s nett nonaccomplishment of $0.20 per stock for Q3 2022 bushed estimates.
Robinhood’s (HOOD) share terms dropped 4.36% to $11.40 connected Nov. 3, and is down 69.22% implicit the past 12 months, according to Yahoo Finance.
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