The U.S. fintech broker Robinhood is poised to roll out European crypto offerings despite missing Q3 revenue estimates. Robinhood plans to launch its crypto services in the European region and U.K. brokerage “in the coming weeks” as the Menlo Park-headquartered…
The U.S. fintech broker Robinhood is poised to roll out European crypto offerings despite missing Q3 revenue estimates.
However, Robinhood did not specify on what scale it plans to offer crypto products in the European Union.
Crypto was not the only direction where Robinhood suffered losses. In total, transaction-based revenues decreased 11% year-over-year (YoY) to $185 million, the firm said. However, assets under Robinhood’s custody increased 34% YoY to $87 billion, which is the result of “continued net deposits and higher equity valuations,” the press release reads.
Robinhood’s chief financial officer, Jason Warnick, during a call with analysts, admitted that the firm’s revenue in Q4 2023 might be even lower than in Q3 “if the current levels of securities lending and free credit balances continue.” Amid the news, HOOD shares went down by more than 9% during the after-hours trading session.
In the summer of 2023, Robinhood let go of 150 employees, representing 7% of its full-time workforce at the time.