Robinhood’s MAU Dropped Significantly In Q3
Brokerage services for online trading Robinhood reported $51 million in crypto revenue in the third quarter, a 12% decrease from the previous quarter’s total of $58 million.
Robinhood said in August that it was laying off 23% of its workforce, or 780 individuals, in order to cut expenses amid a continuous fall in monthly active users (MAU). Earlier this year, Robinhood laid off around 9% of its employees.
This quarter, the retail investment platform’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) returned to profitability, totaling $47 million. This surpassed experts’ expectations of a loss of $48 million. It also improved from losing $80 million in the previous quarter.
Meanwhile, the platform’s monthly active users fell by 1.8 million to 12.2 million in September compared to the previous month, but net income increased 14% year on year to $361 million.
Crypto transaction revenue fell 12% to $51 million in the third quarter, falling short of the $58 million projection and down from $58 million in the second quarter.
Overall, Robinhood’s transaction revenue increased by 3% year on year to $208 million, up from $202 million in the previous quarter.
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