Changes in US stocks | Cryptocurrency trading revenue plummeted 55% year over year, Robinhood (HOOD.US) fell more than 4% at the beginning of the session

The Zhitong Finance App learned that on Wednesday, Robinhood (HOOD.US) opened more than 4% lower. As of press release, the decline had narrowed to 2.6%. Since September 21, the stock has continued to decline, with a cumulative decline of more than 25%. According to the news, Robinhood Markets announced financial results for the third quarter. According to the data, the company's total net revenue for the quarter reached a record high of US$1,424 million, up 12% year on year and 9% month on month; net profit was US$476 million, down 14% year on year and 17% month on month; and diluted earnings per share were 0.51 US dollars, down from 0.61 US dollars in the same period last year, down 16% year on year. Cryptocurrency transaction revenue plummeted 55% year over year to US$120 million, becoming a major drag on the trading business.

Robinhood said during the earnings call that the company has launched 17 new products, including smart trading, perpetual futures, and 7×24 hour stock trading, with the goal of becoming an active trader platform, wallet share, and a leader in the global financial ecosystem.

Additionally, the company's paid membership program, Robinhood Gold, has reached 5 million subscribers, an increase of 30% over the previous year. The company is also investing in banking and credit operations to drive further growth.

The main network of Robinhood Chain was launched in July. It has ranked among the top five blockchains in terms of transaction volume, with decentralized exchanges trading volume exceeding 100 billion US dollars. The company plans to invest more in the developer ecosystem.