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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News