Shares of popular brokerage platform Robinhood (HOOD, Financial) fell more than 14% to $24.21 following the release of its third-quarter financial results. The company reported net revenue of $637 million, which fell short of the market's expectation of $663.5 million.
Robinhood's earnings per share were $0.17, slightly below the anticipated $0.18. The platform's monthly active users numbered 11 million, missing the market forecast of 12.26 million.
During the period, revenue from trading was $319 million, and income from cryptocurrency transactions amounted to $61 million, both failing to meet expectations.
