Robinhood (HOOD) shares fell around 10% in premarket trading on Wednesday after the company reported first-quarter profit and revenue that missed Wall Street expectations, News.Az reports, citing foreign media.
The financial app provider said on Tuesday that its profit increased 3% year over year to $346 million, or $0.38 per share. Net revenue rose 15% compared to the same period last year, reaching $1.07 billion.
However, analysts had expected higher results, forecasting earnings of $382 million, or $0.42 per share, and net revenue of $1.14 billion, according to data compiled by Bloomberg.
A key revenue stream for Robinhood—fees from cryptocurrency trading—fell 47% from the first quarter of last year. The decline was attributed to a broader downturn in the digital asset market that began late last year and deepened through early February. The result also came in slightly below analyst expectations.
During the earnings call on Tuesday, CEO Vlad Tenev addressed the outlook for digital assets, saying, “I can’t tell you what the price is going to be in three months. You know, price moves up and down, but what I can tell you is crypto as technology infrastructure is going to be big and we’re investing.”
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