maxim hopman fiXLQXAhCfk unsplash 7Robinhood Markets Inc. (NASDAQ: HOOD) has announced its financial results for the third quarter of 2022, which ended on September 30. During the third quarter of 2022, Robinhood reported total net revenues of $361 million, up 14%. However, the American financial services company reported a 12% decline in cryptocurrency transaction-based revenues, which came in at $51 million.
Nonetheless, the company focuses on future growth prospects, particularly in the Web3 industry. Moreover, the company rolled out a Beta version of its Polygon-based Web3 wallet to its customers on September 27.
We delivered on top feature requests for customers, including advanced charts, options in cash accounts, instant withdrawals, and our self-custody, web3 wallet. In the next week, we are raising the yield on uninvested cash for Gold members – making it one of the best rates in the industry.
Vlad Tenev, CEO and Co-Founder of Robinhood Markets.
Following the Q3 financial report, HOOD stocks closed November 2 trading at $11.40, down 4.36% from the day’s opening price, according to market data provided by MarketWatch.
A closer look at Robinhood Q3 results and the market outlook
Robinhood has blamed the volatile market amid increased competition from other crypto exchanges like Coinbase, Binance, and FTX. The company reported that Monthly Active Users (MAU) decreased by 1.8 million to 12.2 million during the third quarter, although the Assets Under Custody (AUC) increased by 1% to $64.6 billion in the same period. As such, the company’s Average Revenues Per User (ARPU) increased to $63 from $56 in the second quarter of 2022.
Notably, the company’s self-custody web3 wallet was rolled out in beta version to the first ten thousand customers on the waitlist. The company also noted that it expanded its coin listings, including USDC, Cardano, Uniswap, Stellar Lumens, and Avalanche, to the platform.
Going forward, the company is scheduled to launch several products to help customers make informed decisions in the volatile market. Among the anticipated features include the Robinhood Retirement product aimed at assisting investors in having control of their financial future.
Meanwhile, HOOD shares have dropped approximately 69% in the past year and another 35% YTD. The company has a reported market capitalization of approximately $10.49 billion.
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