Robinhood had a net loss of $1.32 billion this past quarter, recording a plunge of 78% in revenue from crypto transactions from 2Q. Their shares dropped 12% to $34.80 at 9:46 a.m. in New York, $38 below the IPO price in late July, Bloomberg reported. Analysts had estimated Robinhood Markets Inc. would have a total revenue of $423.9 million during an earlier Bloomberg survey, but the numbers fell short hitting only $364.9 million. Vlad Tenev, Robinhood’s Chief Executive Officer, had predicted that the trading activity would tumble in the third quarter of 2021 and fewer accounts would open. As he stated during the Q3 Earnings Call, the tumbling numbers do not worry them since they have different short-term goals. The fourth quarter might be falling short as their anticipation for Q4 is that “total revenue will be less than $325 million and full-year revenue will be less than $1.8 billion. At the top end, this implies full-year revenue growth of 85 percent.”, said Jason Warnick, Chief Financial Officer. Warnick also reminded that they typically show a “seasonality curve that shows higher growth in the first quarter of the year versus the last three quarters.”, and further explained their Q3 focus on building a team: We continue to make progress building our teams with increases primarily in engineering, customer service, and our regulatory, and compliance teams. In the quarter, we added 580 new full-time employees across the comp...
