Robinhood, the crypto and equities trading platform, released its earnings for the third quarter on Tuesday, showing a decline in interest in the crypto market during that period.
The firm said its total net revenues increased 35% to $365 million, while other financials included a loss of $1.32 billion. Analyst estimates had ranged around $430 million for the period.
“This quarter was about developing more products and services for our customers, including crypto wallets,” said Vlad Tenev, CEO and co-founder of Robinhood. “More than one million people have joined our crypto wallets waitlist to date. With 24/7 live phone support, we believe that Robinhood is becoming the most trusted and intuitive platform for retail and crypto investors. And looking ahead, we’re committed to delivering tax-advantaged retirement accounts to help everyone invest for the long term.”
Robinhood, which makes its money from offloading customer orders to large trading firms, saw transaction-based reven
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