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Robinhood reports fourth quarter crypto revenues down 24%

Robinhood reports fourth quarter crypto revenues down 24%

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TL;DR

  • Robinhood’s (HOOD) crypto trading revenue decreased by 24% in its fourth quarter.
  •  Robinhood authorized the purchase of all or most of the 55 million shares bought in May 2022 by a holding company for Sam Bankman-Fried and Gary Wang.

Robinhood’s (HOOD) crypto trading revenue decreased by 24% in the fourth quarter, from $51 million to $39 million. In addition, the company has authorized the purchase of all or most of the 55 million shares bought in May 2022 by a holding company for Sam Bankman-Fried and Gary Wang. Moreover, nearly half a billion dollars worth of share-based compensation has also been canceled.

After the beta version of its Polygon-based Web3 wallet was unveiled in September, the company proudly declared that more than one million waitlisted users would be able to access their newly rolled-out Robinhood crypto wallet by 2022.

In the fourth quarter, Robinhood reported an adjusted loss of 19 cents per share, beating analyst expectations of 15 cents per share on $380 million in revenues that fell short of projections at $396 million. In after-hours trading Wednesday, shares rose around 3 percent to $10.80, increasing 30% year to date but still down 21% over the last twelve months.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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