Having taken stock of the financial activities of the firm within the just completed quarter, the crypto and stock trading platform Robinhood has announced that the firm recorded about 12% loss in the third quarter as per report.
Robinhood’s report revealed that the firm will continue to dig deep in its crypto development quest as that is the best way forward.
We just announced our financial results for the third quarter. Find information on our performance at https://t.co/3l82Sx3F7d
— Robinhood Comms (@RobinhoodComms) November 2, 2022
Meanwhile, the firm also announced plans to expand Robinhood wallet internationally in the next months. This is believed to boost the revenue base of the company amidst ongoing steady decline.
However, the Nov. 2 Robinhood’s report comprehensively revealed 12% quarter-on-quarter decrease in its Monthly Active Users (MAU) as well as 24% quarter-on-quarter reduction in its notional volume.
As a result, the firm experienced ripple effects of 12% plummet in its revenue, standing at $51 million.
Reacting to the report, the company explained that the reason for the decline in its active users as well as trading volume was due to the prevailing volatility in the market environment.
Nevertheless, the company expressed its unalloyed commitment to investing its resources in the crypto industry.
Some of the upcoming projects of the company include support for project-laden cryptocurrencies, international retail-focused wallet, NFT, among others.
Like publicly traded corporate Bitcoin firm Microstrategy, which recorded loss in its Q.3 report, Robinhood has proven not to be an exception.
Recall that MicroStrategy disclosed its Q.3 report on Nov. 1 showing that the company also recorded loss but undaunted and ready to invest more resources in Bitcoin.
In order to keep building during the bear market, Robinhood maintains that it will integrate Nonfungible Tokens (NFTs) features into its platform but that will not be part of the short–term objectives.
Robinhood CEO Vladimir Tenev assured users in the report that the platform will continue to serve as a safe and reliable crypto service provided.