Robinhood reports fourth quarter crypto revenues down 24%Robinhood’s (HOOD) crypto trading revenue decreased by 24% in the fourth quarter, from $51 million to $39 million. In addition, the company has authorized the purchase of all or most of the 55 million shares bought in May 2022 by a holding company for Sam Bankman-Fried and Gary Wang. Moreover, nearly half a billion dollars worth of share-based compensation has also been canceled.
After the beta version of its Polygon-based Web3 wallet was unveiled in September, the company proudly declared that more than one million waitlisted users would be able to access their newly rolled-out Robinhood crypto wallet by 2022.
In the fourth quarter, Robinhood reported an adjusted loss of 19 cents per share, beating analyst expectations of 15 cents per share on $380 million in revenues that fell short of projections at $396 million. In after-hours trading Wednesday, shares rose around 3 percent to $10.80, increasing 30% year to date but still down 21% over the last twelve months.
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