Key Points:
Equity options contracts traded rose 47%, indicating growing interest from retail investors. This heightening in activities was among the significant propellants that pushed revenues for Robinhood-essentially transaction-based-up by a whopping 72% to $319 million.
This broadened suite includes efforts to compete with established brokerages that deal with more mature investors. In October, the company added futures and index options trading features to its mobile app and launched its long-awaited desktop platform. The additions aim to capture a more significant market of investors, especially those seeking more sophisticated trading options.
Read more: Robinhood Chief Legal Officer Now Leading Candidate to Lead SEC If Trump Wins
While Robinhood trading volume significantly increased revenue, its net deposits dropped sequentially from $13.2 billion to $10 billion. Michael Ashley Schulman, chief investment officer at Running Point Capital, says the sharp decline in net deposits may hurt Robinhood’s profit margins.
The company posted a profit of 17 cents per share. Factoring in expectations, a profit of 18 cents per share was forecasted, according to estimates compiled by LSEG. Net revenue rose 36% to $637 million but missed the forecast for $657.9 million.
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. |
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