Robinhood Stock (HOOD) Drops on Revenue Miss as Crypto Volumes Tumble

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Robinhood Markets Inc. shares fell in late trading after the online brokerage reported revenue that missed estimates as lower cryptocurrency volumes dragged down its transaction-based revenue. The company reported net revenue of $467 million, which missed the average analyst estimate of $478.9 million but was a 29% jump on the same period a year ago. Transaction-based revenues fell 11% on the prior year to $185 million, largely due to lower crypto notional volumes which fell 55% on the year, Robinhood said Tuesday in a statement.

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