Robinhood faces 78% downfall in revenue over last quarter
Robinhood crypto platform released their Q2 earnings calls and said that they faced around 78% downfall in the revenue over last quarter earnings.
On 26 October, the Robinhood platform released its Q3 earning call report. The report clearly shows that the whole expectations of the firm are not matching what they were looking for from the crypto services.
Crypto contributed $51 million crypto transactions based revenue to the company. While the whole fund’s transactions in the platform through crypto & non-crypto happened is around $267 in Q3.
The value of HOOD is also following a similar kind of growth. On Tuesday, HOOD dropped by 10%. However, today it surged by 1.9% with a value of $36.40 at the time of writing this article.
Q2 vs Q3 earning report
If we take a look at the Q2 earnings report, then Robinhood made around $223 million in Q2. So this quarter earning $51 million is around 78% low.
In Q2, 62% contribution in the earnings revenue of Robinhood was only supported by the meme coin Doge.
The whole earnings in the Q2 quarter by Robinhood is around $365 million.
Robinhood on Shiba Inu
In the present time, Robinhood crypto-stock exchange is in highlight because of huge pressure on the platform to list Shiba inu coin. And many experts claimed that the RobinHood platform is crazy for the crypto services because they made huge profits from DogeCoin trading transactions, and if Robinhood wants to continue the growth then the firm needed to list another meme coin, the Shiba Inu token.
The whole current situation of Robinhood indicates that Robinhood firm may consider the listing of Shiba Inu token so that they can grab profit as they made through DogeCoin listing.
Read also: Bank of Spain releases guidelines for crypto services
