The company’s crypto revenue forecasts for the fourth quarter failed, and the company’s shares fell 10%.
Robinhood announced that it generated $48 million in sales revenue from cryptocurrencies for the fourth quarter of 2021. In the previous quarter, revenue of 51 million dollars was generated.
2021 has been a pretty successful year for Robinhood. The company has achieved significant financial income, especially under the conditions of the pandemic. However, a decrease was observed in the revenue from digital assets.
According to data from Robinhood, crypto revenues in the fourth quarter fell by 6% compared to the third quarter. Shares of the company tumbled 10% after the drop in revenue.
Robinhood’s fourth-quarter crypto revenues rose sharply compared to the previous year’s fourth quarter. According to this data, the company experienced a revenue increase of 304 percent compared to the previous year. While the company made a profit of $ 27 million in the whole of 2020, it made a profit of $ 419 million in 2021.
The CEO of the company, Vlad Tenev, said that the company wants to offer more crypto options:
“We continue to work behind the scenes to provide our crypto customers with the functionality they want. We know customers want a wallet”
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