The Robinhood third-quarter results that was published on October 27, showed that crypto revenue was $120 million. This amount made up about 8.4% of the total revenue.
The total revenue reached a record $1.424 billion, up 12% year over year. Options brought in $399 million, while event contracts brought in $173 million.
Those businesses helped to make up for the crypto decline. But net income fell 14% to $476 million, and earnings per share dropped 16% to $0.51.
Binance adds uncertainty to the backdrop
In an October 30 update, Binance estimated that the impact of its security incident was about $6.3 billion. But it said that about $3 billion in affected assets had been frozen.
The exchange temporarily suspended deposits and withdrawals during security checks, and it said it would cover losses with its emergency reserve.
For Robinhood, the question is how customers respond to the event.
As could be seen on the chart, HOOD was already declining before the security reports.
HOOD loses ground below $90
At the time of this writing, HOOD was trading at around $83.76.
Its price opened at $85.21, compared with $91.59, where it closed the previous day, and it dropped to the $82.34 price level before it recovered a bit.
A look at its trend over the past week showed that it has declined from its September highs above $120. The repeated declines it has seen in October had already brought its price below $100 ahead of Friday’s opening drop.
It remains to be seen if HOOD can hold above the $82.34 price level it dropped to during the session. Around $80 provides another nearby reference area. If it recovers toward the $89–$92 price area, it would return its price to the range it occupied in the last sessions.
Final Summary
HOOD dropped by 8.55% to trade at $83.76 on October 30, extending an earlier decline.
Robinhood’s quarterly crypto revenue fell by 55%, while other businesses supported record total revenue.
