Economic news
Robinhood revenue drops marginally on crypto weakness
2022.11.02 16:47
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© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly
(Reuters) – Robinhood (NASDAQ:) Inc posted a small drop in third-quarter revenue on Wednesday as the online brokerage, which was at the center of last year’s meme stock trading frenzy, took a hit from a fall in crypto trading volumes.
The Menlo Park, California-based company reported a 1% fall in total net revenue at $361 million.
(This story has been corrected to change to $361 million from $365 million)
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